HBK Sorce Advisory LLC Purchases Shares of 9,313 State Street Corporation $STT

HBK Sorce Advisory LLC purchased a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 9,313 shares of the asset manager’s stock, valued at approximately $1,742,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. IFM Investors Pty Ltd boosted its holdings in State Street by 9.7% during the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after acquiring an additional 7,469 shares during the period. Concurrent Investment Advisors LLC bought a new position in shares of State Street in the fourth quarter worth about $1,959,000. New York State Teachers Retirement System increased its stake in shares of State Street by 9.7% in the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock worth $38,464,000 after purchasing an additional 26,862 shares during the period. SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of State Street during the 4th quarter worth about $935,000. Finally, Illinois Municipal Retirement Fund lifted its position in shares of State Street by 18.3% during the 1st quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock worth $10,856,000 after purchasing an additional 13,245 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on STT shares. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Citigroup upped their price target on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, July 17th. JPMorgan Chase & Co. increased their price objective on State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Keefe, Bruyette & Woods raised their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Finally, Bank of America raised their price objective on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

Insider Buying and Selling

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction 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 sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 49,576 shares of company stock valued at $8,415,875 over the last ninety days. 0.27% of the stock is owned by company insiders.

State Street Stock Up 0.1%

STT stock opened at $191.92 on Monday. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $192.51. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a market cap of $52.72 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The business’s 50-day simple moving average is $177.65 and its 200 day simple moving average is $151.88.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS 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 firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the firm posted $2.04 EPS. The company’s revenue for the quarter was up 23.3% on a year-over-year basis. On average, research analysts anticipate that State Street Corporation will post 13.75 earnings per share 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 paid a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. State Street’s dividend payout ratio is currently 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.