Denali Advisors LLC Has $1.43 Million Position in State Street Corporation $STT

Denali Advisors LLC lessened its stake in State Street Corporation (NYSE:STT) by 33.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,424 shares of the asset manager’s stock after selling 4,207 shares during the period. Denali Advisors LLC’s holdings in State Street were worth $1,429,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of STT. Brighton Jones LLC acquired a new stake in shares of State Street in the 4th quarter valued at $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after acquiring an additional 918 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after acquiring an additional 5,226 shares during the period. Empowered Funds LLC lifted its stake in shares of State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after acquiring an additional 15,996 shares during the period. Finally, Woodline Partners LP boosted its holdings in State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after acquiring an additional 6,767 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on STT shares. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Royal Bank Of Canada upped 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 report on Friday, July 17th. Citigroup lifted their price target on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Keefe, Bruyette & Woods boosted 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. Finally, Bank of America increased their price objective on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $185.38.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,576 shares of company stock valued at $8,415,875 in the last 90 days. 0.27% of the stock is owned by insiders.

State Street Trading Down 3.1%

NYSE STT opened at $185.91 on Thursday. The stock has a 50-day simple moving average of $179.34 and a 200 day simple moving average of $153.18. The company has a market capitalization of $51.07 billion, a PE ratio of 16.39, a P/E/G ratio of 0.79 and a beta of 1.41. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $195.18.

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

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change 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.