State Street Corporation $STT Stake Lifted by Czech National Bank

Czech National Bank boosted its stake in State Street Corporation (NYSE:STT) by 3.6% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 78,778 shares of the asset manager’s stock after purchasing an additional 2,772 shares during the period. Czech National Bank’s holdings in State Street were worth $13,361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC bought a new position in State Street in the 4th quarter worth about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings 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 buying an additional 918 shares in the last quarter. NewEdge Advisors LLC increased its position in State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after acquiring an additional 5,226 shares during the period. Empowered Funds LLC increased its position in State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after acquiring an additional 15,996 shares during the period. Finally, Woodline Partners LP raised its stake in State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after acquiring an additional 6,767 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Trading Down 0.3%

Shares of STT stock opened at $184.46 on Friday. The stock has a 50-day simple moving average of $174.80 and a 200 day simple moving average of $149.54. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $192.51. The stock has a market capitalization of $50.67 billion, a P/E ratio of 16.27, a P/E/G ratio of 0.76 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS 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 firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the previous year, the business earned $2.04 earnings per share. State Street’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, sell-side analysts expect that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm 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. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is presently 29.63%.

Analysts Set New Price Targets

A number of research analysts have issued reports on STT shares. Evercore set a $200.00 price target on State Street in a research report on Monday, July 20th. UBS Group set a $176.00 price target on State Street in a report on Friday, June 26th. Argus lifted their price objective on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. increased their target price 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. Finally, Wells Fargo & Company boosted their price target on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $185.38.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. This trade represents a 5.70% 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. Insiders have sold 49,576 shares of company stock worth $8,415,875 in the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

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.