414,053 Shares in State Street Corporation $STT Bought by Korea Investment CORP

Korea Investment CORP bought a new stake in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 414,053 shares of the asset manager’s stock, valued at approximately $70,223,000. Korea Investment CORP owned approximately 0.15% of State Street at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in STT. Bell Investment Advisors Inc acquired a new position in shares of State Street during the second quarter valued at about $28,000. Wilkerson Advisory Group LLC acquired a new stake in State Street in the 4th quarter worth approximately $29,000. JPL Wealth Management LLC acquired a new stake in State Street in the 3rd quarter worth approximately $29,000. Phillip James Consulting Co. purchased a new stake in State Street during the 4th quarter worth approximately $30,000. Finally, Elevation Wealth Partners LLC increased its stake in State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 106 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. JPMorgan Chase & Co. lifted their price target on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. The Goldman Sachs Group increased their price objective on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Finally, Bank of America raised their price objective on State Street from $160.00 to $190.00 and gave the stock 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 given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

Insider Transactions at State Street

In other news, 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 transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction 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. This trade represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 49,576 shares of company stock valued at $8,415,875 in the last 90 days. 0.27% of the stock is currently owned by company insiders.

State Street Trading Up 2.3%

Shares of State Street stock opened at $187.22 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The firm has a fifty day moving average price of $180.11 and a 200 day moving average price of $153.79. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18. The stock 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.

State Street (NYSE:STT) last posted its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $2.04 earnings per share. Equities research analysts predict that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. 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 dividend payout ratio is 29.63%.

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.