OneDigital Investment Advisors LLC Takes $462,000 Position in State Street Corporation $STT

OneDigital Investment Advisors LLC purchased a new stake in shares of State Street Corporation (NYSE:STT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 2,724 shares of the asset manager’s stock, valued at approximately $462,000.

A number of other hedge funds have also recently modified their holdings of STT. Regents of The University of California grew 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 valued at $1,123,186,000 after purchasing an additional 5,908,370 shares during the period. Norges Bank purchased a new position in shares of State Street during the fourth quarter valued at about $303,483,000. Bank of New York Mellon Corp purchased a new position in State Street during the 2nd quarter valued at approximately $301,393,000. Pinebridge Investments LLC purchased a new position in shares of State Street in the fourth quarter valued at $178,705,000. Finally, Victory Capital Management Inc. grew its stake in shares of 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 worth $588,227,000 after buying an additional 1,074,174 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on STT. JPMorgan Chase & Co. lifted their target price on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Keefe, Bruyette & Woods raised their price target on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Wells Fargo & Company raised their price objective on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Barclays raised their target price 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. Finally, Bank of America boosted 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. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Price Performance

NYSE STT opened at $185.91 on Thursday. The stock’s fifty day moving average price is $179.34 and its 200 day moving average price is $153.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The company has a market cap of $51.07 billion, a price-to-earnings ratio of 16.39, a PEG ratio of 0.79 and a beta of 1.41. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18.

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

State Street Increases Dividend

The business 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 represents a $3.68 annualized dividend and a yield of 2.0%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is 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.