Philadelphia Financial Management of San Francisco LLC Takes Position in State Street Corporation $STT

Philadelphia Financial Management of San Francisco LLC bought a new position in State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 46,550 shares of the asset manager’s stock, valued at approximately $7,894,880,000. State Street comprises about 1.6% of Philadelphia Financial Management of San Francisco LLC’s investment portfolio, making the stock its 23rd biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STT. Brighton Jones LLC bought a new stake in State Street during the 4th quarter valued at approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after purchasing an additional 918 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after buying an additional 5,226 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after purchasing an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP lifted its holdings in shares of State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after purchasing an additional 6,767 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on STT. Truist Financial reiterated a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. JPMorgan Chase & Co. raised their price objective on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Wells Fargo & Company raised their target price on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Royal Bank Of Canada boosted their target price on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

Insider Buying and Selling at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction that occurred on 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 completion of the sale, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% 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. Insiders sold a total of 25,811 shares of company stock worth $4,723,982 over the last three months. Corporate insiders own 0.27% of the company’s stock.

State Street Price Performance

State Street stock opened at $193.61 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18. The firm has a 50-day moving average of $181.47 and a two-hundred day moving average of $155.25. The stock has a market cap of $53.18 billion, a price-to-earnings ratio of 17.07, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last announced 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. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.04 EPS. On average, research analysts forecast that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. State Street’s payout ratio 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.