Ieq Capital LLC Acquires New Shares in State Street Corporation $STT

Ieq Capital LLC acquired a new position in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 5,242 shares of the asset manager’s stock, valued at approximately $889,000.

Other large investors also recently bought and sold shares of the company. Callan Family Office LLC acquired a new position in shares of State Street during the 2nd quarter worth $9,035,000. Laidlaw Wealth Management LLC purchased a new position in State Street during the 2nd quarter valued at about $530,000. Keebeck Wealth Management purchased a new position in State Street during the 2nd quarter valued at about $4,593,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of State Street in the second quarter valued at about $33,000. Finally, Encore Global Management LP acquired a new stake in shares of State Street in the second quarter valued at approximately $2,374,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 0.2%

Shares of State Street stock opened at $193.26 on Friday. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.93. The business’s fifty day moving average is $181.97 and its two-hundred day moving average is $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. The firm has a market cap of $53.09 billion, a PE ratio of 17.04, a P/E/G ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 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 during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the firm posted $2.04 earnings per share. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. Analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

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

Analyst Ratings Changes

A number of brokerages have recently weighed in on STT. Barclays raised their price objective 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. Truist Financial reaffirmed 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. Keefe, Bruyette & Woods increased their target price on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Morgan Stanley raised their price target on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Two investment 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 company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $185.38.

Insider Activity

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction dated 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 completion of 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 25,811 shares of company stock valued at $4,723,982 in the last 90 days. 0.27% of the stock is currently owned by insiders.

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.