Polar Asset Management Partners Inc. Takes $14.81 Million Position in State Street Corporation $STT

Polar Asset Management Partners Inc. acquired a new position in State Street Corporation (NYSE:STT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 87,343 shares of the asset manager’s stock, valued at approximately $14,813,000.

Other large investors have also made changes to their positions in the company. Bell Investment Advisors Inc bought a new position in State Street in the 2nd quarter worth approximately $28,000. Wilkerson Advisory Group LLC bought a new stake in shares of State Street in the fourth quarter valued at approximately $29,000. JPL Wealth Management LLC bought a new stake in shares of State Street in the third quarter valued at approximately $29,000. Phillip James Consulting Co. acquired a new stake in shares of State Street in the fourth quarter worth $30,000. Finally, Elevation Wealth Partners LLC grew its stake in shares of State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Buying and Selling

In other news, EVP W. Bradford Hu sold 9,758 shares of the company’s 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 sale, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 25,811 shares of company stock valued at $4,723,982 over the last quarter. Corporate insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. UBS Group set a $176.00 target price on shares of State Street in a research note on Friday, June 26th. Wells Fargo & Company raised their price target on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Citigroup boosted their price objective on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, July 17th. Keefe, Bruyette & Woods upped their price objective on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Finally, The Goldman Sachs Group lifted their target price on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Stock Up 1.2%

Shares of STT stock opened at $193.12 on Wednesday. State Street Corporation has a one year low of $104.64 and a one 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. The stock has a fifty day moving average price of $181.03 and a 200 day moving average price of $154.80. The stock has a market cap of $53.05 billion, a P/E ratio of 17.03, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.04 EPS. Analysts predict that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared 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 represents a $3.68 annualized dividend and a yield of 1.9%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is currently 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.