Edgestream Partners L.P. Increases Holdings in State Street Corporation (NYSE:STT)

Edgestream Partners L.P. grew its holdings in shares of State Street Corporation (NYSE:STT) by 70.6% in the 1st quarter, HoldingsChannel reports. The firm owned 93,986 shares of the asset manager’s stock after acquiring an additional 38,904 shares during the quarter. Edgestream Partners L.P.’s holdings in State Street were worth $8,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in STT. First Pacific Financial bought a new stake in State Street in the 1st quarter valued at about $25,000. Coppell Advisory Solutions LLC raised its stake in State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after acquiring an additional 412 shares during the period. Golden State Wealth Management LLC increased its position in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after buying an additional 310 shares during the period. Loomis Sayles & Co. L P increased its position in shares of State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after buying an additional 311 shares during the period. Finally, Minot DeBlois Advisors LLC bought a new stake in shares of State Street during the fourth quarter valued at about $49,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Performance

Shares of STT stock opened at $109.55 on Monday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $110.97. The stock has a 50 day moving average price of $99.86 and a two-hundred day moving average price of $94.91. The company has a market capitalization of $31.24 billion, a P/E ratio of 12.30, a PEG ratio of 1.25 and a beta of 1.45.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.79% and a net margin of 12.85%. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter in the previous year, the company posted $1.69 earnings per share. Analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were given a $0.76 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $3.04 annualized dividend and a yield of 2.77%. State Street’s payout ratio is currently 34.12%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on STT shares. Barclays decreased their price target on State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Cfra Research cut State Street from a “moderate buy” rating to a “hold” rating in a research report on Thursday, May 29th. Evercore ISI upped their price target on State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. Bank of America upped their price target on State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research report on Wednesday, April 2nd. Finally, Morgan Stanley upped their price target on State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $109.92.

Insiders Place Their Bets

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the business’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.