PCM Encore LLC Takes $480,000 Position in State Street Corporation $STT

PCM Encore LLC purchased a new stake in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,828 shares of the asset manager’s stock, valued at approximately $480,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bell Investment Advisors Inc purchased a new position in State Street during the second quarter valued at $28,000. Wilkerson Advisory Group LLC bought a new stake in shares of State Street during the 4th quarter valued at $29,000. JPL Wealth Management LLC purchased a new stake in shares of State Street in the 3rd quarter worth about $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street in the 4th quarter worth about $30,000. Finally, Elevation Wealth Partners LLC increased its stake in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred 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 sale, the executive vice president owned 41,827 shares in the company, valued at $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 available through the SEC website. 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 sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 49,576 shares of company stock worth $8,415,875. Corporate insiders own 0.27% of the company’s stock.

State Street Price Performance

STT opened at $183.36 on Friday. The stock has a 50-day moving average price of $179.71 and a 200-day moving average price of $153.55. 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 firm has a market cap of $50.37 billion, a PE ratio of 16.17, a P/E/G ratio of 0.76 and a beta of 1.41. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18.

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, topping 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 analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the business posted $2.04 EPS. State Street’s revenue was up 23.3% compared to the same quarter last year. Sell-side analysts predict that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Thursday, October 1st. State Street’s payout ratio is currently 29.63%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on STT shares. Evercore set a $200.00 price target on shares of State Street in a research report on Monday, July 20th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Morgan Stanley raised 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. Wells Fargo & Company lifted their target price on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Finally, UBS Group set a $176.00 price target on State Street in a research report on Friday, June 26th. Two equities research 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 stock. Based on data from MarketBeat, State Street has an average rating of “Moderate Buy” and an average price target of $185.38.

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.