Cibc World Market Inc. Takes $7.31 Million Position in State Street Corporation $STT

Cibc World Market Inc. purchased a new stake in State Street Corporation (NYSE:STT) during the second quarter, HoldingsChannel.com reports. The firm purchased 43,079 shares of the asset manager’s stock, valued at approximately $7,306,000.

Several other large investors have also recently bought and sold shares of STT. Bell Investment Advisors Inc acquired a new stake in shares of State Street during the 2nd quarter worth approximately $28,000. Elevation Wealth Partners LLC boosted its holdings in shares of State Street by 153.6% in 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. Keating Financial Advisory Services Inc. acquired a new stake in shares of State Street in the 2nd quarter valued at $33,000. Kelleher Financial Advisors bought a new position in shares of State Street in the 2nd quarter valued at $33,000. Finally, Wilkerson Advisory Group LLC bought a new position in shares of State Street in the 4th quarter valued at $29,000. 87.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, 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. Over the last three months, insiders sold 25,811 shares of company stock worth $4,723,982. 0.27% of the stock is owned by corporate insiders.

State Street Stock Up 1.2%

State Street stock opened at $193.12 on Wednesday. The firm has a market cap of $53.05 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 0.79 and a beta of 1.41. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.18. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The firm has a 50 day moving average price of $181.03 and a two-hundred day moving average price of $154.80.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the firm posted $2.04 EPS. The company’s quarterly revenue was up 23.3% on a year-over-year basis. Equities analysts predict that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a $0.92 dividend. 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. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. State Street’s dividend payout ratio is 29.63%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on STT. Royal Bank Of Canada upped their price objective on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research report on Friday, July 17th. Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Keefe, Bruyette & Woods raised their price target on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Bank of America lifted their price target on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Finally, Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Two equities research 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 data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

State Street 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.