Wealthfront Advisers LLC Acquires 9,354 Shares of State Street Corporation (NYSE:STT)

Wealthfront Advisers LLC grew its position in shares of State Street Corporation (NYSE:STT - Free Report) by 22.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,420 shares of the asset manager's stock after purchasing an additional 9,354 shares during the quarter. Wealthfront Advisers LLC's holdings in State Street were worth $4,604,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. First Pacific Financial bought a new stake in shares of State Street in the 1st quarter worth $25,000. Coppell Advisory Solutions LLC grew its holdings in shares of State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after acquiring an additional 412 shares during the period. Golden State Wealth Management LLC grew its holdings in shares of State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after acquiring an additional 310 shares during the period. Loomis Sayles & Co. L P grew its holdings in State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock valued at $47,000 after purchasing an additional 311 shares during the period. Finally, Minot DeBlois Advisors LLC bought a new stake in State Street during the fourth quarter valued at about $49,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of STT opened at $107.46 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The company's 50-day moving average is $101.02 and its 200-day moving average is $95.17. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $110.97. The firm has a market capitalization of $30.64 billion, a PE ratio of 12.03, a PEG ratio of 1.21 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter last year, the business earned $2.15 EPS. The company's revenue was up 2.9% compared to the same quarter last year. Equities analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 3.13%. State Street's payout ratio is presently 34.04%.

Insider Transactions at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the transaction, the chief accounting officer owned 7,354 shares in the company, valued at $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on STT shares. The Goldman Sachs Group upped their target price on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company upped their target price on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday. Keefe, Bruyette & Woods decreased their price target on shares of State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Finally, Morgan Stanley raised their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of "Hold" and an average target price of $112.00.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.