Core Capital Management & Research inc. Makes New $749,000 Investment in State Street Corporation $STT

Core Capital Management & Research inc. acquired a new stake in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 4,000 shares of the asset manager’s stock, valued at approximately $749,000.

A number of other institutional investors have also recently made changes to their positions in STT. Philadelphia Investment Partners LLC bought a new stake in shares of State Street in the second quarter worth about $26,000. Bell Investment Advisors Inc bought a new position in State Street during the second quarter valued at approximately $28,000. Wilkerson Advisory Group LLC bought a new position in State Street during the fourth quarter valued at approximately $29,000. JPL Wealth Management LLC purchased a new position in State Street during the 3rd quarter valued at approximately $29,000. Finally, Phillip James Consulting Co. purchased a new position in State Street during the 4th quarter valued at approximately $30,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

NYSE STT opened at $192.03 on Thursday. The company has a market cap of $52.75 billion, a P/E ratio of 16.93, a P/E/G ratio of 0.91 and a beta of 1.41. 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 business’s 50 day moving average price is $185.90 and its 200-day moving average price is $159.65. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.93.

State Street (NYSE:STT) last issued 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. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.State Street’s revenue was up 23.3% on a year-over-year basis. During the same period last year, the company earned $2.04 earnings per share. Sell-side analysts predict that State Street Corporation will post 13.76 earnings per share for the current 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 issued a $0.92 dividend. This is a boost 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 dividend yield of 1.9%. State Street’s dividend payout ratio (DPR) is 29.63%.

Insider Transactions at State Street

In related news, CEO Ronald O’Hanley sold 14,553 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the firm’s stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. The trade was a 16.39% 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. 0.27% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Bank of America upped their price objective on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. 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 report on Friday, July 17th. UBS Group set a $176.00 price target on shares of State Street in a research note on Friday, June 26th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Finally, The Goldman Sachs Group lifted their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.