Caisse de depot et placement du Quebec Purchases Shares of 779,768 State Street Corporation $STT

Caisse de depot et placement du Quebec purchased a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 779,768 shares of the asset manager’s stock, valued at approximately $132,249,000.

Several other large investors have also recently made changes to their positions in STT. Bell Investment Advisors Inc purchased a new position in shares of State Street during the 2nd quarter worth approximately $28,000. Wilkerson Advisory Group LLC purchased a new stake in State Street in the fourth quarter valued at approximately $29,000. JPL Wealth Management LLC acquired a new position in State Street during the third quarter worth $29,000. Phillip James Consulting Co. acquired a new position in State Street during the fourth quarter worth $30,000. Finally, Elevation Wealth Partners LLC boosted its position in shares of State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after buying an additional 106 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STT has been the subject of a number of research reports. Morgan Stanley lifted their price objective on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Keefe, Bruyette & Woods boosted their price target 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. The Goldman Sachs Group raised their price objective on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Barclays upped their target price on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Finally, UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. Two investment 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. Based on data from MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and an average target price of $185.38.

Insider Transactions at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction on Tuesday, July 21st. The stock was 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. This represents a 5.70% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 25,811 shares of company stock worth $4,723,982. 0.27% of the stock is currently owned by insiders.

State Street Trading Up 0.3%

STT opened at $193.61 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a one year low of $104.64 and a one year high of $195.18. The company has a market cap of $53.18 billion, a P/E ratio of 17.07, a PEG ratio of 0.79 and a beta of 1.41. The business’s 50-day simple moving average is $181.47 and its 200-day simple moving average is $155.25.

State Street (NYSE:STT) last posted 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. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.04 earnings per share. As a group, equities research analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. 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 1.9%. State Street’s dividend payout ratio is 29.63%.

State Street 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.