Cibc World Market Inc. Takes Position in State Street Corporation $STT

Cibc World Market Inc. acquired a new stake in State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 43,079 shares of the asset manager’s stock, valued at approximately $7,306,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. IFM Investors Pty Ltd raised its stake in shares of State Street by 9.7% in the 1st quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after purchasing an additional 7,469 shares during the period. Concurrent Investment Advisors LLC acquired a new position in shares of State Street during the fourth quarter worth about $1,959,000. New York State Teachers Retirement System boosted its position in shares of State Street by 9.7% during the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock worth $38,464,000 after buying an additional 26,862 shares during the period. SBI Okasan Asset Management Co.Ltd. bought a new position in shares of State Street during the fourth quarter worth about $935,000. Finally, Illinois Municipal Retirement Fund grew its holdings in shares of State Street by 18.3% during the first quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock worth $10,856,000 after buying an additional 13,245 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction dated 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 in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 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 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 a total of 25,811 shares of company stock valued at $4,723,982 in the last quarter. Company insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

STT has been the subject of a number of recent research reports. Evercore set a $200.00 price target on State Street in a research report on Monday, July 20th. JPMorgan Chase & Co. lifted their price objective on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. UBS Group set a $176.00 price objective on shares of State Street in a research report on Friday, June 26th. Bank of America increased their target price on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Finally, Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Two equities research 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. Based on data from MarketBeat.com, State Street has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street Stock Up 1.2%

NYSE:STT opened at $193.12 on Wednesday. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18. The firm has a market capitalization of $53.05 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. 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’s 50 day moving average price is $181.03 and its two-hundred day moving average price is $154.80.

State Street (NYSE:STT) last released its quarterly earnings data 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 company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm posted $2.04 EPS. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. 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 company also recently declared 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 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio is 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.