Compass Financial Management LLC Takes $1.42 Million Position in State Street Corporation $STT

Compass Financial Management LLC acquired a new position in State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 8,245 shares of the asset manager’s stock, valued at approximately $1,424,000.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Barclays boosted their target price on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Wells Fargo & Company raised their target price on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. lifted their price target on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. The Goldman Sachs Group boosted their price target on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Finally, UBS Group set a $176.00 price objective on shares of State Street in a report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $185.38.

State Street Stock Performance

State Street stock opened at $194.41 on Friday. The company’s 50-day moving average price is $184.53 and its 200-day moving average price is $158.08. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a market cap of $53.40 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 0.92 and a beta of 1.41. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.93.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.04 EPS. On average, equities research analysts forecast 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. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is 29.63%.

Insider Transactions at State Street

In other news, EVP W. Hu sold 9,758 shares of State Street stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael Richards sold 1,500 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 25,811 shares of company stock worth $4,723,982. 0.27% of the stock is currently 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.