Corient Private Wealth LP Takes $41.84 Million Position in State Street Corporation $STT

Corient Private Wealth LP purchased a new position in State Street Corporation (NYSE:STT) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 246,674 shares of the asset manager’s stock, valued at approximately $41,837,000.

Several other large investors have also recently made changes to their positions in the company. Brighton Jones LLC acquired a new position in State Street in the 4th quarter valued at $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 valued at $2,885,000 after purchasing an additional 918 shares in the last quarter. NewEdge Advisors LLC boosted its stake in State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after purchasing an additional 5,226 shares during the last quarter. Empowered Funds LLC boosted its stake in 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 purchasing an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP grew its holdings in shares of State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after buying an additional 6,767 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’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 transaction of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was 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 sold 25,811 shares of company stock worth $4,723,982 in the last 90 days. Insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on STT shares. Barclays raised their price target on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Evercore set a $200.00 price objective on shares of State Street in a research note on Monday, July 20th. Wells Fargo & Company increased their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Truist Financial reissued a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Finally, The Goldman Sachs Group boosted their target price on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $185.38.

State Street Trading Down 0.2%

Shares of STT stock opened at $193.26 on Friday. 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 $195.93. The company’s 50-day moving average price is $181.97 and its 200-day moving average price is $155.68. The stock has a market cap of $53.09 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period last year, the business earned $2.04 earnings per share. State Street’s revenue was up 23.3% compared to the same quarter last year. As a group, equities analysts predict that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. 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 annualized dividend and a dividend yield of 1.9%. State Street’s dividend payout ratio is currently 29.63%.

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.