38,931 Shares in State Street Corporation $STT Acquired by Jupiter Topco LLC

Jupiter Topco LLC purchased a new stake in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, Holdings Channel reports. The fund purchased 38,931 shares of the asset manager’s stock, valued at approximately $6,600,000.

Several other large investors have also bought and sold shares of the business. Hsbc Holdings PLC acquired a new position in shares of State Street in the 2nd quarter valued at $201,634,000. Canada Pension Plan Investment Board bought a new position in shares of State Street during the 2nd quarter valued at about $66,338,000. Legal & General Group Plc bought a new position in State Street in the second quarter valued at approximately $330,849,000. The Manufacturers Life Insurance Company bought a new stake in State Street in the 2nd quarter valued at $43,283,000. Finally, Kelly Lawrence W & Associates Inc. CA bought a new stake in shares of State Street in the second quarter valued at about $178,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the company’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 value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 25,811 shares of company stock valued at $4,723,982 in the last ninety days. 0.27% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on STT shares. The Goldman Sachs Group increased their target price on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Citigroup raised their price objective on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. lifted their target price on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Evercore set a $200.00 price target on State Street in a research note on Monday, July 20th. Finally, Wells Fargo & Company increased their target price on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Stock Performance

NYSE:STT opened at $193.42 on Monday. The firm has a market capitalization of $53.13 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 0.80 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 simple moving average is $182.46 and its 200 day simple moving average is $156.10. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.93.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.04 EPS. On average, analysts anticipate that State Street Corporation will post 13.75 EPS 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. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. 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 is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is presently 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.