State Street Corporation $STT is Regents of The University of California’s Largest Position

Regents of The University of California grew its position in State Street Corporation (NYSE:STT) by 15.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,065,118 shares of the asset manager’s stock after buying an additional 1,358,923 shares during the quarter. State Street makes up approximately 42.4% of Regents of The University of California’s portfolio, making the stock its largest position. Regents of The University of California owned approximately 3.64% of State Street worth $1,273,841,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Wilkerson Advisory Group LLC acquired a new stake in State Street during the 4th quarter valued at $29,000. Phillip James Consulting Co. acquired a new stake in shares of State Street in the fourth quarter worth $30,000. JPL Wealth Management LLC acquired a new stake in shares of State Street in the third quarter worth $29,000. Whipplewood Advisors LLC purchased a new position in shares of State Street during the first quarter valued at $34,000. Finally, Reflection Asset Management purchased a new position in shares of State Street during the fourth quarter valued at $35,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on STT. Keefe, Bruyette & Woods increased their price objective on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Bank of America lifted their target price on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Citigroup upped their target price on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 17th. 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 report on Friday, July 17th. Finally, Seaport Research Partners reaffirmed a “buy” rating and set a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and an average price target of $184.72.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 1,500 shares of the 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 transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’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 transaction of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 49,576 shares of company stock worth $8,415,875. Insiders own 0.27% of the company’s stock.

State Street Price Performance

STT opened at $184.60 on Friday. The stock has a fifty day moving average price of $171.96 and a 200 day moving average price of $147.71. 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 Corporation has a 1 year low of $104.64 and a 1 year high of $192.51. The stock has a market cap of $51.09 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 0.76 and a beta of 1.42.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share 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 company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the firm posted $2.04 EPS. The business’s revenue was up 23.3% compared to the same quarter last year. Analysts forecast that State Street Corporation will post 13.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is presently 29.63%.

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.