Encore Global Management LP Acquires New Shares in State Street Corporation $STT

Encore Global Management LP bought a new position in State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 14,000 shares of the asset manager’s stock, valued at approximately $2,374,000. State Street makes up about 2.3% of Encore Global Management LP’s investment portfolio, making the stock its 19th largest holding.

A number of other hedge funds have also recently made changes to their positions in STT. Bell Investment Advisors Inc acquired a new stake in State Street in the second quarter valued at $28,000. Wilkerson Advisory Group LLC acquired a new position in State Street during the 4th quarter worth about $29,000. JPL Wealth Management LLC acquired a new position in State Street during the 3rd quarter worth about $29,000. Phillip James Consulting Co. bought a new stake in shares of State Street in the 4th quarter valued at about $30,000. Finally, Elevation Wealth Partners LLC grew its position in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after buying an additional 106 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction 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 transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, July 21st. The stock was 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 approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 49,576 shares of company stock valued at $8,415,875 over the last three months. Insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on STT shares. Bank of America increased their price target on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Wells Fargo & Company lifted 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. JPMorgan Chase & Co. boosted their target price on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Royal Bank Of Canada increased their target price on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Finally, UBS Group set a $176.00 price target on shares of State Street in a report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street Trading Up 2.3%

NYSE:STT opened at $187.22 on Friday. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $195.18. 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 firm’s 50 day moving average is $180.11 and its 200 day moving average is $153.79. The stock has a market capitalization of $51.43 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 0.75 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 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 company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period last year, the firm earned $2.04 EPS. State Street’s revenue for the quarter was up 23.3% on a year-over-year basis. Sell-side analysts expect that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s 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.