XML Financial LLC Takes $923,000 Position in State Street Corporation $STT

XML Financial LLC purchased a new stake in State Street Corporation (NYSE:STT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 5,445 shares of the asset manager’s stock, valued at approximately $923,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in State Street in the second quarter worth approximately $4,139,389,000. Regents of The University of California raised its holdings in shares of State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Norges Bank acquired a new stake in shares of State Street in the 4th quarter valued at $303,483,000. Legal & General Group Plc acquired a new stake in shares of State Street in the 2nd quarter valued at $330,849,000. Finally, Bank of New York Mellon Corp bought a new stake in State Street in the second quarter worth $301,393,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on STT. Bank of America increased their target price on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Evercore set a $200.00 price target on State Street in a research note on Monday, July 20th. Weiss Ratings reissued a “buy (b+)” rating on shares of State Street in a report on Tuesday, August 25th. Wells Fargo & Company raised their price objective on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, JPMorgan Chase & Co. boosted their target price on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Two 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $185.38.

State Street Trading Up 1.2%

Shares of NYSE:STT opened at $190.13 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. The stock’s 50-day moving average is $183.51 and its 200-day moving average is $157.36. The company has a market cap of $52.23 billion, a P/E ratio of 16.77, a P/E/G ratio of 0.89 and a beta of 1.41. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.93.

State Street (NYSE:STT) last posted its quarterly earnings data 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 business 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 firm earned $2.04 EPS. Equities research analysts predict that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

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

Insider Activity

In other news, EVP W. Bradford Hu sold 9,758 shares of the firm’s 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 sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business’s 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 transaction, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 25,811 shares of company stock valued at $4,723,982. 0.27% of the stock is owned by company insiders.

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.