State Street Corporation $STT Stock Position Lifted by Sei Investments Co.

Sei Investments Co. raised its stake in State Street Corporation (NYSE:STT) by 41.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 848,479 shares of the asset manager’s stock after buying an additional 247,788 shares during the quarter. Sei Investments Co.’s holdings in State Street were worth $107,384,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC grew its holdings in shares of State Street by 1.6% during the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock valued at $675,000 after acquiring an additional 83 shares in the last quarter. Arjuna Capital raised its holdings in shares of State Street by 0.4% during the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after acquiring an additional 95 shares in the last quarter. LVW Advisors LLC boosted its position in State Street by 1.7% during the fourth quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock valued at $723,000 after purchasing an additional 96 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in State Street by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after purchasing an additional 100 shares during the last quarter. Finally, Security National Bank of SO Dak boosted its position in State Street by 0.5% during the second quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock valued at $2,289,000 after purchasing an additional 105 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Down 0.6%

Shares of NYSE:STT opened at $184.10 on Friday. The stock has a market capitalization of $50.95 billion, a PE ratio of 16.23, a P/E/G ratio of 0.77 and a beta of 1.42. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $192.51. The firm has a fifty day moving average price of $168.41 and a 200 day moving average price of $145.71. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04.

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 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 for the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the company earned $2.04 earnings per share. The business’s revenue was up 23.3% compared to the same quarter last year. Analysts expect that State Street Corporation will post 13.68 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 issued a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is currently 29.63%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on STT. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. The Goldman Sachs Group lifted their price target on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. UBS Group set a $176.00 price target on State Street in a research note on Friday, June 26th. Finally, Evercore set a $200.00 price objective on State Street in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $184.72.

Insider Activity

In related news, EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the transaction, the executive vice president directly owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. This trade represents a 13.40% decrease in their position. The sale was disclosed in a legal filing 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 business’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 completion of the sale, the executive vice president 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 25,265 shares of company stock valued at $3,935,103. Insiders own 0.27% of the company’s stock.

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.