OVERSEA CHINESE BANKING Corp Ltd Purchases New Holdings in State Street Corporation $STT

OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 20,000 shares of the asset manager’s stock, valued at approximately $3,392,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Asahi Life Asset Management CO. LTD. bought a new position in shares of State Street in the second quarter worth $353,000. Edmond DE Rothschild Holding S.A. acquired a new stake in State Street during the second quarter worth about $678,000. Madison Asset Management LLC acquired a new stake in State Street during the second quarter worth about $939,000. Johnson Financial Group Inc. bought a new position in State Street in the 2nd quarter valued at about $202,000. Finally, Empirical Asset Management LLC bought a new position in State Street in the 2nd quarter valued at about $707,000. Institutional investors own 87.44% of the company’s stock.

Insiders Place Their Bets

In other State Street news, 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 value of $2,680,226.01. Following the completion of the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 49,576 shares of company stock valued at $8,415,875 in the last 90 days. Corporate insiders own 0.27% of the company’s stock.

State Street Stock Performance

Shares of State Street stock opened at $183.36 on Friday. The company’s 50 day moving average price is $179.71 and its two-hundred day moving average price is $153.55. The firm has a market capitalization of $50.37 billion, a P/E ratio of 16.17, a P/E/G ratio of 0.76 and a beta of 1.41. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (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 in the prior year, the business earned $2.04 earnings per share. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, equities analysts forecast that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is presently 29.63%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Citigroup increased their price target on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Evercore set a $200.00 price objective on shares of State Street in a research report on Monday, July 20th. Bank of America upped their target price on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Finally, Morgan Stanley boosted their price target on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

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.