Wellington Management Group LLP Has $299.67 Million Stake in State Street Corporation $STT

Wellington Management Group LLP increased its stake in shares of State Street Corporation (NYSE:STT) by 158.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,766,901 shares of the asset manager’s stock after purchasing an additional 1,083,645 shares during the quarter. Wellington Management Group LLP owned approximately 0.64% of State Street worth $299,666,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Western Wealth Management LLC lifted its position in State Street by 3.1% in the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after buying an additional 60 shares in the last quarter. Arjuna Capital grew its holdings in shares of State Street by 0.4% during the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after acquiring an additional 95 shares in the last quarter. CX Institutional increased its stake in shares of State Street by 1.0% in the second quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock worth $1,660,000 after acquiring an additional 98 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of State Street by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after acquiring an additional 100 shares during the last quarter. Finally, Bridgewater Advisors Inc. raised its holdings in shares of State Street by 5.5% during the first quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager’s stock worth $246,000 after acquiring an additional 101 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was 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 owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP W. Bradford Hu sold 9,758 shares of the company’s 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 directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This represents a 16.39% 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 ninety days, 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 0.0%

State Street stock opened at $193.42 on Monday. State Street Corporation has a one year low of $104.64 and a one year high of $195.93. The company’s fifty day moving average price is $182.46 and its two-hundred day moving average price is $156.10. 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 company has a market capitalization of $53.13 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The company 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 business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.04 earnings per share. On average, analysts forecast that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a $0.92 dividend. This is an increase from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 1.9%. State Street’s dividend payout ratio is presently 29.63%.

Wall Street Analyst Weigh In

A number of brokerages have commented on STT. Weiss Ratings restated a “buy (b+)” rating on shares of State Street in a research note on Tuesday, August 25th. Evercore set a $200.00 price target on State Street in a report on Monday, July 20th. The Goldman Sachs Group boosted their price target on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Barclays increased their price objective on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Finally, UBS Group set a $176.00 price objective 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

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.