Polar Asset Management Partners Inc. Purchases New Position in State Street Corporation $STT

Polar Asset Management Partners Inc. acquired a new position in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, HoldingsChannel reports. The firm acquired 87,343 shares of the asset manager’s stock, valued at approximately $14,813,000.

A number of other institutional investors also recently modified their holdings of STT. Bell Investment Advisors Inc acquired a new position in State Street in the second quarter valued at approximately $28,000. Wilkerson Advisory Group LLC acquired a new stake in State Street during the 4th quarter worth $29,000. JPL Wealth Management LLC bought a new stake in shares of State Street during the 3rd quarter valued at $29,000. Phillip James Consulting Co. bought a new stake in shares of State Street during the 4th quarter valued at $30,000. Finally, Elevation Wealth Partners LLC lifted its stake in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 106 shares during the period. Institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on STT shares. Bank of America lifted their price objective on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Barclays increased their target price on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Morgan Stanley boosted their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Wells Fargo & Company upped their price target on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, The Goldman Sachs Group increased their price target on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Stock Performance

STT stock opened at $193.12 on Wednesday. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.18. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The firm has a market cap of $53.05 billion, a PE ratio of 17.03, a P/E/G ratio of 0.79 and a beta of 1.41. The business’s 50-day moving average price is $181.03 and its two-hundred day moving average price is $154.80.

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

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This is an increase from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 1.9%. State Street’s dividend payout ratio is 29.63%.

Insiders Place Their Bets

In other news, 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 transaction of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 25,811 shares of company stock worth $4,723,982. Company 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.