Pallas Capital Advisors LLC Acquires Shares of 3,117 State Street Corporation $STT

Pallas Capital Advisors LLC bought a new position in State Street Corporation (NYSE:STT) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 3,117 shares of the asset manager’s stock, valued at approximately $529,000.

A number of other large investors have also made changes to their positions in the stock. Brighton Jones LLC acquired a new position in State Street during the fourth quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after acquiring an additional 918 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after acquiring an additional 5,226 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after acquiring an additional 15,996 shares during the period. Finally, Woodline Partners LP raised its holdings in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after acquiring an additional 6,767 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 49,576 shares of company stock valued at $8,415,875. Company insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on STT. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Bank of America lifted their target price on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Citigroup boosted their target price on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 17th. Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Finally, The Goldman Sachs Group raised their price target on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Stock Performance

NYSE STT opened at $185.91 on Thursday. The stock has a market cap of $51.07 billion, a PE ratio of 16.39, a P/E/G ratio of 0.79 and a beta of 1.41. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18. The stock has a fifty day simple moving average of $179.34 and a 200-day simple moving average of $153.18.

State Street (NYSE:STT) last issued its quarterly earnings data 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 net margin of 15.02% and a return on equity of 15.26%. 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 firm earned $2.04 EPS. State Street’s revenue was up 23.3% on a year-over-year basis. Equities analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is 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.