OMERS ADMINISTRATION Corp Buys Shares of 22,210 State Street Corporation $STT

OMERS ADMINISTRATION Corp bought a new position in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 22,210 shares of the asset manager’s stock, valued at approximately $3,767,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in STT. Osmosis Investment Management UK Ltd acquired a new stake in shares of State Street in the 2nd quarter valued at approximately $1,812,000. Sanctuary Advisors LLC acquired a new position in State Street during the 2nd quarter worth approximately $3,960,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in State Street during the 2nd quarter worth approximately $1,141,000. PEAK6 LLC bought a new position in State Street in the 2nd quarter valued at approximately $559,000. Finally, Meiji Yasuda Asset Management Co Ltd. bought a new position in State Street in the 2nd quarter valued at approximately $1,094,000. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling

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 stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The shares were 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 directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. The trade was 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. Insiders sold a total of 25,811 shares of company stock valued at $4,723,982 in the last three months. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on STT. The Goldman Sachs Group boosted their target price on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Morgan Stanley increased their price target on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Royal Bank Of Canada raised their price objective on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a report on Friday, July 17th. Finally, Truist Financial restated a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. 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 company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street Trading Up 1.2%

STT opened at $193.12 on Wednesday. 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 Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.18. The company’s 50 day moving average price is $181.03 and its two-hundred day moving average price is $154.80. The firm has a market capitalization of $53.05 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion during 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 company’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.04 earnings per share. As a group, research analysts predict that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. State Street’s dividend payout ratio (DPR) is currently 29.63%.

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.