Denali Advisors LLC Has $1.43 Million Position in State Street Corporation $STT

Denali Advisors LLC lessened its holdings in State Street Corporation (NYSE:STT) by 33.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,424 shares of the asset manager’s stock after selling 4,207 shares during the quarter. Denali Advisors LLC’s holdings in State Street were worth $1,429,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Brighton Jones LLC acquired a new position in State Street in the fourth quarter worth about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after purchasing an additional 918 shares during the period. NewEdge Advisors LLC boosted its holdings in State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after purchasing an additional 5,226 shares in the last quarter. Empowered Funds LLC grew its stake in shares of State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after purchasing an additional 15,996 shares during the period. Finally, Woodline Partners LP grew its stake in shares of State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after purchasing an additional 6,767 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insiders Place Their Bets

In other news, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 firm’s stock in a transaction on Monday, June 8th. The shares were 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. Over the last quarter, insiders have sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Royal Bank Of Canada raised their target price on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research report on Friday, July 17th. Truist Financial reiterated a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Bank of America increased their price objective on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Citigroup lifted their price objective on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 17th. Finally, Morgan Stanley boosted their target price on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $185.38.

State Street Stock Performance

NYSE:STT opened at $185.91 on Thursday. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18. The firm has a 50 day moving average of $179.34 and a 200-day moving average of $153.18. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $51.07 billion, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.State Street’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.04 EPS. As a group, sell-side analysts anticipate that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio 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.