19,770 Shares in State Street Corporation $STT Acquired by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. bought a new position in State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 19,770 shares of the asset manager’s stock, valued at approximately $3,353,000.

Several other large investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of State Street in the second quarter worth $4,139,389,000. Regents of The University of California boosted its stake in State Street by 15.6% during the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after buying an additional 1,358,923 shares during the period. Morgan Stanley boosted its stake in State Street by 9.0% during the fourth 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. grew its position in State Street by 30.8% during the fourth 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. Finally, Franklin Resources Inc. grew its position in State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after buying an additional 67,309 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Stock Up 2.1%

Shares of NYSE STT opened at $191.00 on Tuesday. The stock has a market capitalization of $52.47 billion, a P/E ratio of 16.84, a PEG ratio of 0.77 and a beta of 1.41. State Street Corporation has a one year low of $104.64 and a one year high of $195.18. The firm’s 50 day simple moving average is $180.59 and its two-hundred day simple moving average is $154.37. 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 (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the business posted $2.04 EPS. The business’s quarterly revenue was up 23.3% on a year-over-year basis. 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 announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Thursday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is 29.63%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. UBS Group set a $176.00 price target on State Street in a report on Friday, June 26th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. upped their price objective on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Royal Bank Of Canada raised their target price on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. 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 note on Friday, July 17th. Two investment 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

Insiders Place Their Bets

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction 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 represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 25,811 shares of company stock valued at $4,723,982 over the last three months. Insiders own 0.27% of the company’s stock.

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.