14,000 Shares in State Street Corporation $STT Bought by Encore Global Management LP

Encore Global Management LP acquired a new stake in shares of State Street Corporation (NYSE:STT) in the second quarter, HoldingsChannel reports. The firm acquired 14,000 shares of the asset manager’s stock, valued at approximately $2,374,000. State Street accounts for approximately 2.3% of Encore Global Management LP’s holdings, making the stock its 19th biggest holding.

Several other large investors have also recently made changes to their positions in STT. BlackRock Inc. bought a new stake in State Street in the 2nd quarter worth approximately $4,139,389,000. Regents of The University of California boosted its position in shares of State Street by 15.6% during the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after acquiring an additional 1,358,923 shares during the last quarter. Morgan Stanley boosted its position in shares of State Street by 9.0% during the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after acquiring an additional 433,201 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of State Street by 30.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after acquiring an additional 1,074,174 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after purchasing an additional 67,309 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Trading Up 2.3%

Shares of NYSE STT opened at $187.22 on Friday. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18. The firm has a market cap of $51.43 billion, a PE ratio of 16.51, a price-to-earnings-growth ratio of 0.75 and a beta of 1.41. The business has a fifty day simple moving average of $180.11 and a two-hundred day simple moving average of $153.79. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. The firm 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 company’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.04 EPS. Analysts expect that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

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

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction 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 transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This represents a 3.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 49,576 shares of company stock worth $8,415,875 in the last ninety days. 0.27% of the stock is owned by insiders.

Analyst Ratings Changes

STT has been the topic of several recent research reports. Morgan Stanley upped their target price on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. UBS Group set a $176.00 price objective on State Street in a research report on Friday, June 26th. Truist Financial reaffirmed a “hold” rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Finally, Evercore set a $200.00 target price on State Street in a report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target 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.