7,244 Shares in State Street Corporation $STT Purchased by Jones Financial Companies Lllp

Jones Financial Companies Lllp bought a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 7,244 shares of the asset manager’s stock, valued at approximately $1,229,000.

Other hedge funds also recently modified their holdings of the company. Front Street Capital Management Inc. acquired a new position in shares of State Street in the second quarter valued at approximately $1,015,000. L2 Asset Management LLC purchased a new position in shares of State Street during the second quarter valued at approximately $252,000. Dearborn Partners LLC acquired a new stake in State Street during the second quarter worth approximately $316,000. Cibc World Market Inc. acquired a new stake in State Street during the second quarter worth approximately $7,306,000. Finally, OMERS ADMINISTRATION Corp purchased a new stake in State Street in the 2nd quarter worth approximately $3,767,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STT has been the subject of several analyst reports. Bank of America boosted their price target on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Keefe, Bruyette & Woods lifted 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. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Finally, Morgan Stanley increased 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 investment 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 stock. According to MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and an average target price of $185.38.

Insider Activity at State Street

In other news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction dated 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 $9,187,988.88. This trade represents a 16.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% 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. Over the last 90 days, insiders have sold 25,811 shares of company stock worth $4,723,982. 0.27% of the stock is owned by insiders.

State Street Stock Performance

Shares of STT stock opened at $191.00 on Tuesday. 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 has a market capitalization of $52.47 billion, a price-to-earnings ratio of 16.84, a price-to-earnings-growth ratio of 0.77 and a beta of 1.41. State Street Corporation has a one year low of $104.64 and a one year high of $195.18. The company has a 50 day moving average price of $180.59 and a 200 day moving average price of $154.37.

State Street (NYSE:STT) last announced its quarterly 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 company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the business earned $2.04 EPS. State Street’s revenue for the quarter was up 23.3% on a year-over-year basis. Sell-side analysts anticipate that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

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

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.