Madison Asset Management LLC Invests $939,000 in State Street Corporation $STT

Madison Asset Management LLC bought a new position in State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 5,538 shares of the asset manager’s stock, valued at approximately $939,000.

Several other large investors have also added to or reduced their stakes in STT. BlackRock Inc. purchased a new stake in shares of State Street in the second quarter worth approximately $4,139,389,000. Regents of The University of California lifted its holdings in shares of State Street by 15.6% in 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 purchasing an additional 1,358,923 shares in the last quarter. Morgan Stanley boosted its position in shares of 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 last quarter. Victory Capital Management Inc. boosted its position in shares of 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 valued at $588,227,000 after buying an additional 1,074,174 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings 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. Institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the topic of several recent analyst reports. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Bank of America upped their target price on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Evercore set a $200.00 price target on shares of State Street in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. boosted their price target on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

Insider Buying and Selling

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is owned by company insiders.

State Street Price Performance

STT opened at $187.22 on Friday. The firm has a market cap of $51.43 billion, a P/E ratio of 16.51, a PEG ratio of 0.75 and a beta of 1.41. The firm has a 50-day moving average of $180.11 and a 200 day moving average of $153.79. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current 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.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates 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 in the previous year, the firm posted $2.04 earnings per share. On average, research analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders 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 dividend yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) 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.