MassMutual Private Wealth & Trust FSB Grows Position in State Street Corporation $STT

MassMutual Private Wealth & Trust FSB boosted its stake in shares of State Street Corporation (NYSE:STT) by 48.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,714 shares of the asset manager’s stock after purchasing an additional 557 shares during the period. MassMutual Private Wealth & Trust FSB’s holdings in State Street were worth $182,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of STT. Brighton Jones LLC bought a new stake in State Street during the fourth quarter valued at about $296,000. Royal Bank of Canada raised its holdings in State Street by 16.7% during the fourth quarter. Royal Bank of Canada now owns 491,217 shares of the asset manager’s stock valued at $48,213,000 after acquiring an additional 70,213 shares during the period. Tidal Investments LLC raised its holdings in State Street by 15.9% during the fourth quarter. Tidal Investments LLC now owns 10,248 shares of the asset manager’s stock valued at $998,000 after acquiring an additional 1,404 shares during the period. Two Sigma Investments LP raised its holdings in State Street by 34.9% during the fourth quarter. Two Sigma Investments LP now owns 51,195 shares of the asset manager’s stock valued at $5,025,000 after acquiring an additional 13,251 shares during the period. Finally, Two Sigma Advisers LP raised its holdings in State Street by 984.4% during the fourth quarter. Two Sigma Advisers LP now owns 34,700 shares of the asset manager’s stock valued at $3,406,000 after acquiring an additional 31,500 shares during the period. 87.44% of the stock is owned by institutional investors.

State Street Stock Up 1.4%

Shares of NYSE STT opened at $113.24 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market capitalization of $32.12 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 1.09 and a beta of 1.50. The stock has a 50 day moving average price of $111.52 and a 200 day moving average price of $99.37. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37.

State Street (NYSE:STT) last posted its earnings results 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 company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.15 earnings per share. Sell-side analysts expect that State Street Corporation will post 9.68 earnings per share for the current 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 issued a dividend of $0.84 per share. This is an increase from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. State Street’s dividend payout ratio (DPR) is currently 34.04%.

Wall Street Analyst Weigh In

A number of research firms have commented on STT. Wells Fargo & Company raised their price target on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. The Goldman Sachs Group lifted their target price on State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, July 2nd. Bank of America lifted their target price on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a report on Wednesday, July 16th. Citigroup raised State Street from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $115.00 to $130.00 in a report on Friday, September 5th. Finally, Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $114.18.

Insiders Place Their Bets

In other State Street 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 owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

State Street Company 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.