Wellington Management Group LLP Acquires 1,083,645 Shares of State Street Corporation $STT

Wellington Management Group LLP lifted its stake in State Street Corporation (NYSE:STT) by 158.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,766,901 shares of the asset manager’s stock after acquiring an additional 1,083,645 shares during the period. Wellington Management Group LLP’s holdings in State Street were worth $299,666,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new position in State Street during the 2nd quarter valued at $4,139,389,000. Regents of The University of California grew its position in State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares during the last quarter. Norges Bank acquired a new stake in State Street in the 4th quarter worth $303,483,000. Legal & General Group Plc acquired a new stake in State Street in the 2nd quarter worth $330,849,000. Finally, Bank of New York Mellon Corp bought a new position in shares of State Street during the 2nd quarter worth about $301,393,000. Institutional investors own 87.44% of the company’s stock.

Insider Activity

In other news, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, 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 Price Performance

Shares of State Street stock opened at $193.42 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The firm’s 50-day simple moving average is $182.46 and its 200-day simple moving average is $156.10. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.93. The firm has a market cap of $53.13 billion, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT) last posted its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the firm posted $2.04 earnings per share. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, research analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

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

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Citigroup upped their price objective on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Evercore set a $200.00 price target on State Street in a report on Monday, July 20th. JPMorgan Chase & Co. raised their price objective on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Morgan Stanley lifted their price objective on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, Keefe, Bruyette & Woods boosted their price objective on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. 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 data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

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.