Parallel Advisors LLC Purchases 981 Shares of State Street Corporation $STT

Parallel Advisors LLC lifted its position in shares of State Street Corporation (NYSE:STT) by 41.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,340 shares of the asset manager’s stock after acquiring an additional 981 shares during the period. Parallel Advisors LLC’s holdings in State Street were worth $355,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. First Pacific Financial bought a new position in shares of State Street during the 1st quarter valued at $25,000. Capital Analysts LLC lifted its holdings 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 buying an additional 274 shares during the period. Larson Financial Group LLC lifted its holdings 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 buying an additional 118 shares during the period. Golden State Wealth Management LLC lifted its holdings 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 buying an additional 310 shares during the period. Finally, MV Capital Management Inc. lifted its holdings 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 buying an additional 251 shares during the period. Institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on STT. Wells Fargo & Company increased 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. Evercore ISI increased their price target on State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, July 2nd. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Morgan Stanley boosted their price objective on shares of State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Finally, Bank of America boosted their price objective on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. Eight investment 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.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $114.18.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction dated 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 transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

State Street Stock Up 0.1%

Shares of NYSE STT opened at $113.39 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $116.37. The firm’s 50-day moving average price is $111.60 and its 200-day moving average price is $99.57. The stock has a market capitalization of $32.17 billion, a price-to-earnings ratio of 12.70, a P/E/G ratio of 1.11 and a beta of 1.50.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping the consensus estimate 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%.The firm’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $2.15 earnings per share. On average, equities 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 declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a $0.84 dividend. This is an increase from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. State Street’s dividend payout ratio (DPR) 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.