Empirical Asset Management LLC Acquires Shares of 4,166 State Street Corporation $STT

Empirical Asset Management LLC acquired a new stake in State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,166 shares of the asset manager’s stock, valued at approximately $707,000.

Other hedge funds have also modified their holdings of the company. Great Lakes Advisors LLC purchased a new stake in State Street in the 2nd quarter valued at $3,278,000. Danske Bank A S purchased a new position in State Street during the 2nd quarter worth $396,000. Diversify Advisory Services LLC purchased a new position in State Street during the 2nd quarter worth $1,562,000. Wealthfront Advisers LLC acquired a new position in State Street in the second quarter valued at $11,919,000. Finally, Foster & Motley Inc. acquired a new position in State Street in the second quarter valued at $577,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the sale, the executive vice president directly owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of State Street 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 sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% 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. In the last 90 days, insiders have sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is owned by corporate insiders.

State Street Stock Down 0.5%

STT stock opened at $192.03 on Wednesday. State Street Corporation has a one year low of $104.64 and a one year high of $195.18. The stock has a market capitalization of $52.75 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The company has a fifty day moving average of $178.87 and a 200-day moving average of $152.80.

State Street (NYSE:STT) last issued its quarterly earnings results 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 for the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.04 earnings per share. As a group, analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is presently 29.63%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on STT shares. Truist Financial reaffirmed a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a report on Friday, July 17th. UBS Group set a $176.00 price target on State Street in a research report on Friday, June 26th. Keefe, Bruyette & Woods upped their price objective on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Barclays upped their price objective on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Finally, Bank of America lifted their target price on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Company 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.