Assenagon Asset Management S.A. Increases Stock Holdings in State Street Corporation $STT

Assenagon Asset Management S.A. boosted its stake in State Street Corporation (NYSE:STT) by 237.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 38,430 shares of the asset manager’s stock after buying an additional 27,030 shares during the quarter. Assenagon Asset Management S.A.’s holdings in State Street were worth $4,087,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Eastern Bank grew its holdings in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after acquiring an additional 2,947,153 shares in the last quarter. Nuveen LLC purchased a new position in State Street in the first quarter worth $93,016,000. Invesco Ltd. grew its stake in State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after purchasing an additional 674,120 shares during the period. Miller Howard Investments Inc. NY purchased a new stake in shares of State Street during the 1st quarter valued at $42,504,000. Finally, Allianz Asset Management GmbH raised its stake in shares of State Street by 404.7% during the 1st quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager’s stock worth $52,469,000 after purchasing an additional 469,936 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

STT stock opened at $112.96 on Thursday. The firm has a 50 day simple moving average of $112.04 and a two-hundred day simple moving average of $99.98. The stock has a market cap of $32.05 billion, a PE ratio of 12.65, a P/E/G ratio of 1.10 and a beta of 1.50. State Street Corporation has a one year low of $72.81 and a one year high of $116.37. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last posted its quarterly earnings data 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. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.15 EPS. On average, analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently announced 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 represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is presently 34.04%.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Evercore ISI increased their price target on shares of 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 raised their price target on shares of State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. Wells Fargo & Company raised their price target on State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Bank of America lifted their target price on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a report on Wednesday, July 16th. Finally, Cfra Research raised shares of 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $114.18.

About State Street

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.