2,828 Shares in State Street Corporation $STT Purchased by PCM Encore LLC

PCM Encore LLC bought a new position in State Street Corporation (NYSE:STT) in the second quarter, HoldingsChannel reports. The fund bought 2,828 shares of the asset manager’s stock, valued at approximately $480,000.

A number of other institutional investors have also recently made changes to their positions in STT. Brighton Jones LLC bought a new stake in shares of State Street in the fourth quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 valued at $2,885,000 after purchasing an additional 918 shares during the period. NewEdge Advisors LLC boosted its holdings in State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after purchasing an additional 5,226 shares during the last quarter. Empowered Funds LLC boosted its holdings in State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after purchasing an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP grew its position in State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after purchasing an additional 6,767 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Down 1.3%

Shares of State Street stock opened at $183.36 on Friday. The company’s fifty day simple moving average is $179.71 and its 200-day simple moving average is $153.55. The stock has a market capitalization of $50.37 billion, a PE ratio of 16.17, a P/E/G ratio of 0.76 and a beta of 1.41. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT) last posted 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. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the business posted $2.04 EPS. State Street’s revenue was up 23.3% on a year-over-year basis. As a group, equities analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared 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 a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is presently 29.63%.

Insiders Place Their Bets

In other news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 49,576 shares of company stock worth $8,415,875 over the last quarter. 0.27% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on STT shares. Evercore set a $200.00 target price on shares of State Street in a research note on Monday, July 20th. Truist Financial restated a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Barclays upped their price objective on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Wells Fargo & Company increased their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Finally, Morgan Stanley raised 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. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.