Harvest Investment Advisors LLC Boosts Position in State Street Corporation (NYSE:STT)

Harvest Investment Advisors LLC increased its stake in State Street Corporation (NYSE:STT) by 1.8% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 19,365 shares of the asset manager’s stock after acquiring an additional 336 shares during the quarter. State Street comprises 1.3% of Harvest Investment Advisors LLC’s holdings, making the stock its 27th largest position. Harvest Investment Advisors LLC’s holdings in State Street were worth $1,734,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Invesco Ltd. increased its stake in State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after buying an additional 674,120 shares during the period. Northern Trust Corp increased its stake in State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock worth $407,166,000 after buying an additional 563,790 shares during the period. Eastern Bank increased its stake in State Street by 6,967.4% in the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after buying an additional 2,947,153 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in State Street by 10.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,664,062 shares of the asset manager’s stock worth $261,478,000 after buying an additional 242,493 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in State Street by 236.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager’s stock worth $226,642,000 after buying an additional 1,622,408 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

STT has been the topic of a number of research reports. Keefe, Bruyette & Woods cut their target price on shares of State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Evercore ISI raised their target price on shares of 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 raised their target price on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. The Goldman Sachs Group raised their target price on shares of State Street from $98.00 to $111.00 and gave the company a “buy” rating in a research report on Wednesday, July 2nd. Finally, Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus price target of $112.00.

State Street Stock Up 1.3%

NYSE:STT opened at $111.28 on Friday. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $114.28. The stock has a market capitalization of $31.57 billion, a P/E ratio of 12.46, a P/E/G ratio of 1.23 and a beta of 1.48. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The company’s 50-day simple moving average is $105.47 and its 200-day simple moving average is $96.62.

State Street (NYSE:STT) last released 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 business 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%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same period last year, the business earned $2.15 EPS. On average, equities analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. This is a boost from State Street’s previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. State Street’s dividend payout ratio (DPR) is 34.04%.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by company insiders.

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.