Foster & Motley Inc. Invests $577,000 in State Street Corporation $STT

Foster & Motley Inc. bought a new stake in State Street Corporation (NYSE:STT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,400 shares of the asset manager’s stock, valued at approximately $577,000.

Other institutional investors have also made changes to their positions in the company. First National Bank of Omaha bought a new stake in State Street during the 2nd quarter worth about $1,986,000. Meeder Advisory Services Inc. acquired a new position in State Street in the second quarter valued at approximately $1,400,000. Meeder Asset Management Inc. acquired a new position in shares of State Street in the 2nd quarter valued at $15,169,000. Tiemann Investment Advisors LLC acquired a new position in State Street in the second quarter valued at about $201,000. Finally, Pzena Investment Management LLC acquired a new stake in State Street in the second quarter worth $209,000. 87.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s 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 sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction 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 owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 49,576 shares of company stock valued at $8,415,875 in the last three months. 0.27% of the stock is currently owned by corporate insiders.

State Street Trading Down 3.1%

NYSE:STT opened at $185.91 on Thursday. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The business has a 50 day moving average price of $179.34 and a two-hundred day moving average price of $153.18. The company has a market cap of $51.07 billion, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s revenue was up 23.3% compared to the same quarter last year. During the same period last year, the company earned $2.04 earnings per share. As a group, analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is presently 29.63%.

Analyst Upgrades and Downgrades

STT has been the topic of a number of research analyst reports. Bank of America raised their price target on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Wells Fargo & Company increased their target price on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Morgan Stanley raised their target price on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. UBS Group set a $176.00 price target on shares of State Street in a report on Friday, June 26th. Finally, Royal Bank Of Canada increased their price objective on shares of 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 investment 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 company. Based on data from MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and an average target price of $185.38.

State Street Company 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.