HBK Sorce Advisory LLC Takes Position in State Street Corporation $STT

HBK Sorce Advisory LLC bought a new position in State Street Corporation (NYSE:STT) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,313 shares of the asset manager’s stock, valued at approximately $1,742,000.

Several other hedge funds and other institutional investors have also modified their holdings of STT. Abbot Financial Management Inc. acquired a new stake in State Street in the 2nd quarter valued at $1,732,000. Flputnam Investment Management Co. bought a new stake in shares of State Street in the 2nd quarter worth about $6,070,000. Horizon Investment Services LLC bought a new stake in shares of State Street in the 2nd quarter worth about $4,787,000. Global Retirement Partners LLC acquired a new stake in shares of State Street during the 2nd quarter worth about $1,676,000. Finally, Alberta Investment Management Corp acquired a new stake in shares of State Street during the 2nd quarter worth about $5,258,000. Institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on STT shares. Keefe, Bruyette & Woods lifted their price target on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Citigroup upped their price objective on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. UBS Group set a $176.00 price objective on shares of State Street in a report on Friday, June 26th. Seaport Research Partners reiterated a “buy” rating and issued a $170.00 target price on shares of State Street in a research note on Monday, April 20th. Finally, Barclays increased their price target on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $185.38.

Insider Activity

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business’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 value of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction 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 transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The SEC filing for this sale provides additional information. 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 over the last three months. 0.27% of the stock is owned by insiders.

State Street Stock Performance

State Street stock opened at $191.92 on Monday. The stock has a 50-day simple moving average of $177.65 and a 200 day simple moving average of $151.88. The stock has a market capitalization of $52.72 billion, a price-to-earnings ratio of 16.92, a P/E/G ratio of 0.79 and a beta of 1.41. The company has a quick ratio of 0.59, a current 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 $192.51.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 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 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 was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.04 EPS. On average, research analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

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

State Street 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.