3,386 Shares in State Street Corporation $STT Purchased by NewEdge Wealth LLC

NewEdge Wealth LLC acquired a new position in State Street Corporation (NYSE:STT) during the 4th quarter, according to its most recent filing with the SEC. The fund acquired 3,386 shares of the asset manager’s stock, valued at approximately $437,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Regents of The University of California acquired a new position in shares of State Street during the 3rd quarter valued at about $324,576,000. Jones Financial Companies Lllp increased its stake in shares of State Street by 11.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock valued at $24,139,000 after acquiring an additional 21,810 shares during the last quarter. Machina Capital S.A.S. acquired a new position in shares of State Street during the 3rd quarter valued at about $2,622,000. AE Wealth Management LLC acquired a new position in shares of State Street during the 3rd quarter valued at about $6,611,000. Finally, Impax Asset Management Group plc increased its stake in shares of State Street by 49.2% during the 3rd quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock valued at $14,847,000 after acquiring an additional 42,198 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Down 0.6%

NYSE STT opened at $152.89 on Friday. State Street Corporation has a one year low of $94.19 and a one year high of $156.18. The company’s 50 day moving average price is $136.77 and its 200 day moving average price is $129.56. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market capitalization of $42.32 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 0.84 and a beta of 1.45.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the firm posted $2.04 earnings per share. State Street’s revenue for the quarter was up 15.6% compared to the same quarter last year. On average, sell-side analysts predict that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 13th. Investors of record on Wednesday, April 1st were issued a $0.84 dividend. The ex-dividend date was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Insider Activity at State Street

In related news, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the transaction, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the sale, the executive vice president directly owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 28,711 shares of company stock worth $3,933,032. Company insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Royal Bank Of Canada upped their price objective on shares of State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a research note on Monday, April 20th. Citigroup upped their price objective on shares of State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research note on Friday, May 8th. JPMorgan Chase & Co. upped their price objective on shares of State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a research note on Monday, May 11th. Barclays set a $165.00 price objective on shares of State Street in a research note on Monday, April 20th. Finally, The Goldman Sachs Group upped their price objective on shares of State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and a consensus price target of $155.77.

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.