Quantbot Technologies LP Acquires New Shares in State Street Corporation $STT

Quantbot Technologies LP bought a new stake in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, HoldingsChannel reports. The firm bought 9,846 shares of the asset manager’s stock, valued at approximately $1,670,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. IFM Investors Pty Ltd lifted its stake in State Street by 9.7% during the 1st quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after acquiring an additional 7,469 shares during the period. Concurrent Investment Advisors LLC bought a new stake in shares of State Street in the fourth quarter worth approximately $1,959,000. New York State Teachers Retirement System grew its stake in shares of State Street by 9.7% in the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock worth $38,464,000 after acquiring an additional 26,862 shares during the period. SBI Okasan Asset Management Co.Ltd. purchased a new position in shares of State Street during the fourth quarter valued at approximately $935,000. Finally, Illinois Municipal Retirement Fund raised its holdings in shares of State Street by 18.3% during the first quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock valued at $10,856,000 after purchasing an additional 13,245 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 25,811 shares of company stock valued at $4,723,982. 0.27% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on STT shares. Barclays increased their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Evercore set a $200.00 target price on shares of State Street in a research note on Monday, July 20th. JPMorgan Chase & Co. increased their price target on State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Morgan Stanley raised their price target on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Finally, Royal Bank Of Canada raised their price target on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Stock Performance

Shares of NYSE STT opened at $191.00 on Tuesday. The firm has a 50 day moving average of $180.59 and a 200 day moving average of $154.37. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $52.47 billion, a price-to-earnings ratio of 16.84, a price-to-earnings-growth ratio of 0.77 and a beta of 1.41. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.18.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period last year, the firm earned $2.04 earnings per share. The company’s quarterly revenue was up 23.3% on a year-over-year basis. On average, research analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. State Street’s dividend payout ratio (DPR) is currently 29.63%.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.