1,106,046 Shares in State Street Corporation $STT Acquired by GQG Partners LLC

GQG Partners LLC purchased a new stake in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,106,046 shares of the asset manager’s stock, valued at approximately $187,588,000. GQG Partners LLC owned approximately 0.40% of State Street at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. bought a new position in State Street during the 2nd quarter worth $3,353,000. Quantbot Technologies LP acquired a new position in shares of State Street in the second quarter worth approximately $1,670,000. Evolve Private Wealth LLC bought a new stake in State Street in the second quarter valued at approximately $215,000. Westpac Banking Corp bought a new stake in State Street in the second quarter valued at approximately $7,309,000. Finally, William Blair Investment Management LLC acquired a new stake in State Street during the 2nd quarter valued at approximately $234,000. 87.44% of the stock is currently owned by institutional investors.

Insider Transactions at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction on 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 transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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, CEO Hanley Ronald P. O sold 14,553 shares of the company’s 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 owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 49,576 shares of company stock valued at $8,415,875. Insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of several research analyst reports. Wells Fargo & Company lifted their price target on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Royal Bank Of Canada upped 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. UBS Group set a $176.00 price target on State Street in a report on Friday, June 26th. Morgan Stanley increased their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. lifted their price target on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, State Street has an average rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Stock Performance

NYSE STT opened at $187.22 on Friday. The firm has a market cap of $51.43 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 0.77 and a beta of 1.41. The company’s 50 day moving average is $180.11 and its 200-day moving average is $153.79. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.18. 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 issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating 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 analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the company earned $2.04 earnings per share. State Street’s revenue for the quarter was up 23.3% on a year-over-year basis. Sell-side analysts predict that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid 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 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is presently 29.63%.

About State Street

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.