Picton Mahoney Asset Management Increases Position in State Street Corporation (NYSE:STT)

Picton Mahoney Asset Management increased its stake in State Street Corporation (NYSE:STT) by 34,442.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,836 shares of the asset manager’s stock after purchasing an additional 4,822 shares during the quarter. Picton Mahoney Asset Management’s holdings in State Street were worth $433,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Sequoia Financial Advisors LLC grew its stake in State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock valued at $395,000 after acquiring an additional 118 shares during the last quarter. Larson Financial Group LLC grew its stake in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 118 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in State Street by 13.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager’s stock valued at $104,000 after acquiring an additional 134 shares during the last quarter. Huntington National Bank grew its stake in State Street by 1.3% in the 4th quarter. Huntington National Bank now owns 11,671 shares of the asset manager’s stock valued at $1,146,000 after acquiring an additional 150 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in State Street by 8.4% in the 1st quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager’s stock valued at $203,000 after acquiring an additional 176 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

STT opened at $113.16 on Thursday. The stock has a market capitalization of $32.27 billion, a PE ratio of 12.67, a P/E/G ratio of 1.26 and a beta of 1.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $114.28. The company’s 50 day simple moving average is $103.55 and its 200 day simple moving average is $96.02.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. State Street’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.15 earnings per share. As a group, sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This is a boost from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date is Wednesday, October 1st. State Street’s payout ratio is presently 34.04%.

Insiders Place Their Bets

In related news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction on Tuesday, May 6th. The shares were 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Wells Fargo & Company increased their price objective on shares of State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Evercore ISI raised their price target on shares of State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods decreased their price target on shares of State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. Citigroup raised their price target on shares of State Street from $100.00 to $115.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley raised their price target on shares of State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $112.00.

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.