VIRGINIA RETIREMENT SYSTEMS ET Al Invests $51.36 Million in State Street Corporation $STT

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 302,850 shares of the asset manager’s stock, valued at approximately $51,363,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC acquired a new stake in State Street during the fourth quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after acquiring an additional 918 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC lifted its stake in shares of State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after purchasing an additional 15,996 shares during the period. Finally, Woodline Partners LP boosted its holdings in shares of State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after purchasing an additional 6,767 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity

In other news, CEO Ronald O’Hanley sold 14,553 shares of State Street 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 transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Morgan Stanley lifted their price objective on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Barclays increased their target price on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Royal Bank Of Canada raised their price target on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. lifted their price target on State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Finally, Weiss Ratings reaffirmed a “buy (b+)” rating on shares of State Street in a research note on Tuesday, August 25th. Two research 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 stock. According to data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Trading Up 0.1%

STT stock opened at $194.41 on Monday. The company has a market cap of $53.40 billion, a price-to-earnings ratio of 17.14, a PEG ratio of 0.92 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The business has a fifty day simple moving average of $184.53 and a 200-day simple moving average of $158.29. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.93.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the firm earned $2.04 earnings per share. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, equities research analysts expect that State Street Corporation will post 13.75 EPS 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 issued a $0.92 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. State Street’s dividend payout ratio (DPR) 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.