VIRGINIA RETIREMENT SYSTEMS ET Al Takes $51.36 Million Position in State Street Corporation $STT

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 302,850 shares of the asset manager’s stock, valued at approximately $51,363,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.11% of State Street as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in STT. Brighton Jones LLC purchased a new position in shares of State Street during the 4th quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after buying an additional 918 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after buying an additional 5,226 shares in the last quarter. Empowered Funds LLC grew its holdings in State Street by 220.1% during the first 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 grew its holdings in 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 acquiring an additional 6,767 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Up 0.1%

NYSE:STT opened at $194.41 on Monday. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.93. 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 stock has a fifty day simple moving average of $184.53 and a 200-day simple moving average of $158.29. The company has a market capitalization of $53.40 billion, a PE ratio of 17.14, a price-to-earnings-growth ratio of 0.92 and a beta of 1.41.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $3.88 billion. During the same period in the prior year, the company earned $2.04 EPS. The firm’s revenue was up 23.3% on a year-over-year basis. 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 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 is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is currently 29.63%.

Analyst Upgrades and Downgrades

A number of research firms have commented on STT. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Bank of America upped their price target 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. Wells Fargo & Company raised their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Weiss Ratings reissued a “buy (b+)” rating on shares of State Street in a report on Tuesday, August 25th. Finally, Evercore set a $200.00 target price on shares of State Street in a research report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and an average target price of $185.38.

Insider Buying and Selling

In other news, EVP W. Hu sold 9,758 shares of the firm’s stock in a transaction that occurred on Friday, July 24th. The shares were 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 directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.27% of the company’s stock.

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.