Horizon Investment Services LLC Acquires Shares of 28,225 State Street Corporation $STT

Horizon Investment Services LLC bought a new position in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 28,225 shares of the asset manager’s stock, valued at approximately $4,787,000. State Street makes up approximately 1.3% of Horizon Investment Services LLC’s holdings, making the stock its 27th biggest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Retirement Partners LLC bought a new position in shares of State Street in the second quarter valued at approximately $1,676,000. Alberta Investment Management Corp bought a new stake in State Street during the second quarter worth $5,258,000. Bank of New York Mellon Corp bought a new stake in State Street during the second quarter worth $301,393,000. Focus Partners Advisor Solutions LLC purchased a new position in State Street in the second quarter worth $484,000. Finally, Kelleher Financial Advisors purchased a new position in State Street in the second quarter worth $33,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group raised their target price on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Evercore set a $200.00 price target on shares of State Street in a report on Monday, July 20th. Barclays increased their price target on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Morgan Stanley raised their price objective on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $185.38.

Insider Buying and Selling at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This represents a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 49,576 shares of company stock valued at $8,415,875 over the last three months. 0.27% of the stock is currently owned by insiders.

State Street Price Performance

Shares of NYSE STT opened at $191.92 on Monday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a fifty day simple moving average of $177.65 and a two-hundred day simple moving average of $151.88. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $192.51. The firm has a market cap of $52.72 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the company posted $2.04 earnings per share. The business’s revenue was up 23.3% on a year-over-year basis. Analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is presently 29.63%.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.