Public Employees Retirement System of Ohio Acquires Shares of 135,689 State Street Corporation $STT

Public Employees Retirement System of Ohio bought a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 135,689 shares of the asset manager’s stock, valued at approximately $23,013,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC bought a new stake in shares of State Street during the fourth quarter worth about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in State Street by 2.9% during 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 period. NewEdge Advisors LLC grew its holdings in State Street by 105.2% in the first 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 period. Empowered Funds LLC raised its holdings in shares of State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after purchasing an additional 15,996 shares during the period. Finally, Woodline Partners LP boosted its holdings in State Street by 38.4% in the first 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 in the last quarter. Institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on STT. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of State Street in a research note on Tuesday. JPMorgan Chase & Co. lifted 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. Citigroup boosted their price objective on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Morgan Stanley raised their target price on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Wells Fargo & Company boosted their price target on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

Insider Activity at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s 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. This represents a 5.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm’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 transaction of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 25,811 shares of company stock worth $4,723,982. 0.27% of the stock is owned by corporate insiders.

State Street Price Performance

Shares of NYSE STT opened at $193.42 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. The stock has a fifty day simple moving average of $182.46 and a two-hundred day simple moving average of $155.95. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.93. The firm has a market cap of $53.13 billion, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.04 EPS. 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. Stockholders of record on Thursday, October 1st will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. This is an increase from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio 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.