Massachusetts Wealth Management Buys 175 Shares of State Street Corporation $STT

Massachusetts Wealth Management boosted its stake in shares of State Street Corporation (NYSE:STT) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,209 shares of the asset manager’s stock after purchasing an additional 175 shares during the quarter. Massachusetts Wealth Management’s holdings in State Street were worth $2,255,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Shell Asset Management Co. lifted its holdings in shares of State Street by 49.1% during the second quarter. Shell Asset Management Co. now owns 25,229 shares of the asset manager’s stock worth $2,683,000 after buying an additional 8,305 shares in the last quarter. Godsey & Gibb Inc. lifted its holdings in shares of State Street by 1.8% during the second quarter. Godsey & Gibb Inc. now owns 215,795 shares of the asset manager’s stock worth $22,948,000 after buying an additional 3,723 shares in the last quarter. KLP Kapitalforvaltning AS lifted its holdings in shares of State Street by 0.9% during the second quarter. KLP Kapitalforvaltning AS now owns 213,999 shares of the asset manager’s stock worth $22,757,000 after buying an additional 1,900 shares in the last quarter. Bingham Private Wealth LLC acquired a new stake in shares of State Street during the second quarter worth $209,000. Finally, Valeo Financial Advisors LLC lifted its holdings in shares of State Street by 15.2% during the second quarter. Valeo Financial Advisors LLC now owns 3,614 shares of the asset manager’s stock worth $384,000 after buying an additional 476 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Stock Down 0.2%

Shares of NYSE STT opened at $116.68 on Thursday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market cap of $33.10 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 1.20 and a beta of 1.46. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $118.24. The stock has a 50-day moving average price of $113.07 and a two-hundred day moving average price of $101.93.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.15 earnings per share. As a group, analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 2.9%. State Street’s payout ratio is presently 37.63%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on STT. Citigroup raised State Street from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $115.00 to $130.00 in a report on Friday, September 5th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Wednesday. Morgan Stanley reissued an “overweight” rating and set a $162.00 target price on shares of State Street in a report on Monday, September 29th. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Finally, Bank of America boosted their price target on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and an average price target of $122.83.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.29% of the company’s stock.

About State Street

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.