3,117 Shares in State Street Corporation $STT Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC bought a new stake in shares of State Street Corporation (NYSE:STT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,117 shares of the asset manager’s stock, valued at approximately $529,000.

Other institutional investors also recently bought and sold shares of the company. Bell Investment Advisors Inc acquired a new stake in shares of State Street during the second quarter worth about $28,000. Wilkerson Advisory Group LLC acquired a new position in shares of State Street in the fourth quarter valued at approximately $29,000. JPL Wealth Management LLC acquired a new position in shares of State Street in the third quarter valued at 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 worth $30,000 after buying an additional 106 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on STT shares. The Goldman Sachs Group increased their target price on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. UBS Group set a $176.00 target price on State Street in a report on Friday, June 26th. Evercore set a $200.00 target price on State Street in a research note on Monday, July 20th. Finally, Morgan Stanley upped their price target on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the firm’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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of State Street 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 directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% 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 49,576 shares of company stock valued at $8,415,875 over the last quarter. 0.27% of the stock is owned by insiders.

State Street Trading Down 3.1%

NYSE STT opened at $185.91 on Thursday. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.18. The firm has a 50 day moving average of $179.34 and a two-hundred day moving average of $153.18. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $51.07 billion, a PE ratio of 16.39, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings data 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. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the business earned $2.04 EPS. As a group, research analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm 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 $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is currently 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.