1,950,759 Shares in State Street Corporation $STT Bought by Legal & General Group Plc

Legal & General Group Plc acquired a new position in State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,950,759 shares of the asset manager’s stock, valued at approximately $330,849,000. Legal & General Group Plc owned 0.71% of State Street at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Brighton Jones LLC bought a new position in State Street in the fourth quarter worth about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after buying an additional 918 shares during the period. NewEdge Advisors LLC increased its position in State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after buying an additional 5,226 shares during the period. Empowered Funds LLC lifted its stake in State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after buying an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP lifted its stake in State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after buying an additional 6,767 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP W. Bradford Hu sold 9,758 shares of the business’s 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 sale, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 business’s stock in a transaction on 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 sale, 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 position. 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 sold 25,811 shares of company stock worth $4,723,982 over the last ninety days. Company insiders own 0.27% of the company’s stock.

State Street Stock Performance

Shares of STT opened at $193.12 on Wednesday. The firm has a market capitalization of $53.05 billion, a PE ratio of 17.03, a P/E/G ratio of 0.79 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 firm has a 50-day moving average price of $181.03 and a 200 day moving average price of $154.80. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.18.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion for 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%. State Street’s revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.04 EPS. On average, sell-side analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a dividend of $0.92 per share. 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. This represents a $3.68 annualized dividend and a yield of 1.9%. State Street’s dividend payout ratio is presently 29.63%.

Analysts Set New Price Targets

STT has been the subject of several recent research reports. The Goldman Sachs Group upped their price target on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Evercore set a $200.00 target price on shares of State Street in a research note on Monday, July 20th. Keefe, Bruyette & Woods upped their target price on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Wells Fargo & Company raised 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. Finally, Citigroup lifted their price target on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $185.38.

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.