Geneos Wealth Management Inc. Raises Stock Holdings in State Street Corporation $STT

Geneos Wealth Management Inc. raised its position in shares of State Street Corporation (NYSE:STT) by 23.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,234 shares of the asset manager’s stock after acquiring an additional 236 shares during the period. Geneos Wealth Management Inc.’s holdings in State Street were worth $110,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of STT. First Pacific Financial bought a new position in shares of State Street during the 1st quarter valued at approximately $25,000. Capital Analysts LLC increased its position in shares of State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC increased its position in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares during the last quarter. Golden State Wealth Management LLC increased its position in shares of State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. increased its position in shares of State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock valued at $45,000 after purchasing an additional 251 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Up 1.0%

Shares of NYSE STT opened at $111.60 on Thursday. 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 stock has a market capitalization of $31.66 billion, a P/E ratio of 12.50, a price-to-earnings-growth ratio of 1.08 and a beta of 1.50. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $116.37. The business has a fifty day moving average price of $111.46 and a 200 day moving average price of $99.26.

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

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This is an increase from State Street’s previous quarterly dividend of $0.76. The ex-dividend date 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 (DPR) is currently 34.04%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Evercore ISI boosted their target price on State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. The Goldman Sachs Group boosted their target price on State Street from $98.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, July 2nd. Citigroup raised State Street from a “neutral” rating to a “buy” rating and upped their price objective for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Finally, Bank of America upped their price objective on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.18.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.29% of the stock is owned by company insiders.

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.