World Investment Advisors Buys 14,731 Shares of State Street Corporation $STT

World Investment Advisors boosted its stake in shares of State Street Corporation (NYSE:STT) by 603.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,174 shares of the asset manager’s stock after buying an additional 14,731 shares during the period. World Investment Advisors’ holdings in State Street were worth $2,174,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Regents of The University of California boosted its holdings in State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after buying an additional 5,908,370 shares in the last quarter. Morgan Stanley raised its holdings in shares of State Street by 9.0% in the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after buying an additional 433,201 shares during the period. Victory Capital Management Inc. raised its position in State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after purchasing an additional 1,074,174 shares in the last quarter. Franklin Resources Inc. raised its position in shares of State Street by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after acquiring an additional 67,309 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of State Street by 30.4% in the 4th quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock valued at $462,240,000 after acquiring an additional 835,331 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

STT has been the topic of several research analyst reports. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. UBS Group set a $176.00 price objective on State Street in a report on Friday, June 26th. Morgan Stanley increased their price objective on shares of State Street from $166.00 to $183.00 and gave the stock an “overweight” rating in a report on Monday, June 29th. Argus boosted their target price on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Finally, Citigroup raised their price objective on State Street from $172.00 to $193.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, State Street has an average rating of “Moderate Buy” and a consensus price target of $172.66.

Key Stories Impacting State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: Bank of America raised its price target on State Street to $190 from $160, implying additional upside from current levels and signaling improved analyst sentiment. Bank of America Raises State Street Price Target
• Positive Sentiment: JPMorgan also increased its price target on State Street to $176.50 from $158.50, reinforcing expectations that the stock has held up better than previously thought. JPMorgan Raises State Street Price Target
• Neutral Sentiment: State Street’s recent filing-related news shows its asset management subsidiaries reduced or exited several smaller holdings, including Atlas Arteria, Elsight, Viva Energy, and 4DMedical. These announcements are unlikely to be a major direct driver of STT shares, but they reflect normal portfolio turnover across its investment businesses.

Insider Transactions at State Street

In related news, COO Mostapha Tahiri sold 9,611 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. This trade represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the sale, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. This represents a 5.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 37,876 shares of company stock worth $5,866,583. 0.27% of the stock is owned by insiders.

State Street Stock Performance

NYSE:STT traded up $2.64 during mid-day trading on Tuesday, hitting $178.60. 526,909 shares of the company’s stock traded hands, compared to its average volume of 2,178,363. The firm has a market capitalization of $49.43 billion, a price-to-earnings ratio of 18.12, a price-to-earnings-growth ratio of 0.92 and a beta of 1.42. The firm has a 50 day moving average of $159.83 and a two-hundred day moving average of $140.59. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12 month low of $101.98 and a 12 month high of $179.09.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.State Street’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.04 earnings per share. On average, equities analysts forecast that State Street Corporation will post 12.53 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.9%. State Street’s payout ratio is currently 34.08%.

State Street Profile

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.