Canada Pension Plan Investment Board Takes Position in State Street Corporation $STT

Canada Pension Plan Investment Board purchased a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 391,142 shares of the asset manager’s stock, valued at approximately $66,338,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STT. BlackRock Inc. purchased a new position in State Street in the second quarter worth $4,139,389,000. Regents of The University of California boosted its position in shares of State Street by 15.6% during the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after purchasing an additional 1,358,923 shares in the last quarter. Morgan Stanley grew its stake in shares of State Street by 9.0% during the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after purchasing an additional 433,201 shares during the period. Victory Capital Management Inc. grew its stake in shares of State Street by 30.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after purchasing an additional 1,074,174 shares during the period. Finally, Franklin Resources Inc. increased its holdings in shares of State Street by 1.7% in the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after purchasing an additional 67,309 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 0.2%

NYSE:STT opened at $193.26 on Friday. The company has a market capitalization of $53.09 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.93. The stock has a fifty day simple moving average of $181.97 and a 200-day simple moving average of $155.68. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04.

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

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. State Street’s dividend payout ratio is 29.63%.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. 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. Insiders sold a total of 25,811 shares of company stock valued at $4,723,982 in the last ninety days. Corporate insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Citigroup raised their price objective on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. The Goldman Sachs Group upped their target price on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. UBS Group set a $176.00 target price on shares of State Street in a report on Friday, June 26th. Barclays lifted 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. Finally, JPMorgan Chase & Co. upped their price target on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, State Street has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street 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.