Focus Partners Wealth Lowers Position in State Street Corporation $STT

Focus Partners Wealth lessened its stake in State Street Corporation (NYSE:STT) by 2.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 45,719 shares of the asset manager’s stock after selling 1,065 shares during the period. Focus Partners Wealth’s holdings in State Street were worth $4,093,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of STT. Brighton Jones LLC purchased a new stake in State Street in the 4th quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of State Street by 4.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,305 shares of the asset manager’s stock worth $3,073,000 after buying an additional 1,252 shares during the period. ProShare Advisors LLC raised its stake in shares of State Street by 9.4% during the 4th quarter. ProShare Advisors LLC now owns 62,799 shares of the asset manager’s stock worth $6,164,000 after buying an additional 5,414 shares during the period. Royal Bank of Canada raised its stake in shares of State Street by 16.7% during the 4th quarter. Royal Bank of Canada now owns 491,217 shares of the asset manager’s stock worth $48,213,000 after buying an additional 70,213 shares during the period. Finally, Sherbrooke Park Advisers LLC raised its stake in shares of State Street by 12.6% during the 4th quarter. Sherbrooke Park Advisers LLC now owns 4,455 shares of the asset manager’s stock worth $437,000 after buying an additional 499 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares of the company’s stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. 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 owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on STT. Morgan Stanley upped their target price on State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Evercore ISI upped their target price on State Street from $102.00 to $115.00 and gave the stock an “outperform” 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 stock an “overweight” rating in a research note on Tuesday, July 8th. Citigroup raised State Street from a “neutral” rating to a “buy” rating and upped their target price for the stock from $115.00 to $130.00 in a research note on Friday, September 5th. Finally, The Goldman Sachs Group upped their target price on State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $114.18.

State Street Stock Down 0.5%

NYSE STT opened at $112.40 on Monday. State Street Corporation has a one year low of $72.81 and a one year high of $116.37. The company has a market cap of $31.89 billion, a P/E ratio of 12.59, a P/E/G ratio of 1.10 and a beta of 1.50. The business has a fifty day moving average price of $111.35 and a 200 day moving average price of $99.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

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

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This is a boost 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 dividend on an annualized basis and a dividend yield of 3.0%. State Street’s dividend payout ratio is 34.04%.

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.