Board of the Pension Protection Fund Has $1.19 Million Stock Position in State Street Corporation $STT

Board of the Pension Protection Fund grew its position in State Street Corporation (NYSE:STT) by 761.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,200 shares of the asset manager’s stock after purchasing an additional 9,900 shares during the quarter. Board of the Pension Protection Fund’s holdings in State Street were worth $1,191,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. First Pacific Financial acquired a new stake in State Street during the first quarter worth approximately $25,000. Capital Analysts LLC lifted its stake in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 274 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of 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. Golden State Wealth Management LLC lifted its stake in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after acquiring an additional 310 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in shares of State Street in the 1st quarter valued at $46,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $111.03 on Friday. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.24. The stock has a market cap of $31.50 billion, a price-to-earnings ratio of 12.43, a PEG ratio of 1.14 and a beta of 1.46. 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 firm’s 50-day simple moving average is $113.23 and its 200 day simple moving average is $102.29.

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 the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter last year, the firm earned $2.15 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s payout ratio is 37.63%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on STT. Citigroup raised State Street from a “neutral” rating to a “buy” rating and raised their target price for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. Wells Fargo & Company increased their price target on State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. The Goldman Sachs Group increased their price target on State Street from $109.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, October 6th. TD Cowen assumed coverage on State Street in a report on Thursday, September 25th. They set a “buy” rating for the company. Finally, BMO Capital Markets assumed coverage on State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, State Street has an average rating of “Moderate Buy” and a consensus price target of $122.83.

Insider Activity at State Street

In other State Street 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 transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares of the company’s stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by corporate 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.