Board of the Pension Protection Fund Buys 9,900 Shares of State Street Corporation $STT

Board of the Pension Protection Fund increased its stake in State Street Corporation (NYSE:STT) by 761.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,200 shares of the asset manager’s stock after purchasing an additional 9,900 shares during the quarter. Board of the Pension Protection Fund’s holdings in State Street were worth $1,191,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of STT. First Pacific Financial purchased a new position in State Street in the 1st quarter valued at approximately $25,000. Capital Analysts LLC grew its position in shares of State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares in the last quarter. Larson Financial Group LLC grew its position in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares in the last quarter. Golden State Wealth Management LLC grew its position in shares of State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 310 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new position in shares of State Street during the 1st quarter valued at $46,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares of the company’s stock, valued at $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently commented on STT. TD Cowen began coverage on shares of State Street in a research report on Thursday, September 25th. They set a “buy” rating for the company. Bank of America lifted their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a report on Wednesday, July 16th. Morgan Stanley reissued an “overweight” rating and set a $162.00 price objective on shares of State Street in a report on Monday, September 29th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Wednesday. Finally, BMO Capital Markets began coverage on State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $122.83.

State Street Stock Performance

Shares of NYSE:STT opened at $111.03 on Friday. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $118.24. The company has a market cap of $31.50 billion, a price-to-earnings ratio of 12.43, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. The company has a 50-day moving average price of $113.23 and a 200-day moving average price of $102.29. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the prior year, the firm earned $2.15 earnings per share. State Street’s revenue was up 2.9% on a year-over-year basis. As a group, equities analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. State Street’s payout ratio is currently 37.63%.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.