State Street Corporation $STT Position Raised by Empowered Funds LLC

Empowered Funds LLC boosted its position in State Street Corporation (NYSE:STT) by 104.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 88,678 shares of the asset manager’s stock after purchasing an additional 45,303 shares during the period. Empowered Funds LLC’s holdings in State Street were worth $11,149,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in shares of State Street in the fourth quarter valued at $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in State Street by 2.9% during 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 acquiring an additional 918 shares during the period. NewEdge Advisors LLC grew its holdings in State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after acquiring an additional 5,226 shares during the period. Woodline Partners LP raised its position in State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after acquiring an additional 6,767 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in State Street by 36.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,067 shares of the asset manager’s stock worth $114,000 after acquiring an additional 283 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on STT. JPMorgan Chase & Co. raised their price objective on shares of State Street from $158.50 to $176.50 and gave the company a “neutral” rating in a research report on Monday, July 6th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Royal Bank Of Canada raised their target price on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a report on Friday, July 17th. UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. Finally, Morgan Stanley upped their price target on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and a consensus price target of $184.72.

State Street Trading Up 3.9%

Shares of STT opened at $182.93 on Friday. The business’s 50-day moving average price is $171.34 and its 200 day moving average price is $147.45. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $50.63 billion, a P/E ratio of 16.13, a P/E/G ratio of 0.73 and a beta of 1.42. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $192.51.

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. The company had revenue of $4.05 billion during 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 business’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.04 earnings per share. Analysts expect that State Street Corporation will post 13.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors 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 positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is 32.45%.

Insiders Place Their Bets

In other news, EVP W. Bradford Hu sold 9,758 shares of the firm’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 completion of the sale, the executive vice president 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 sale was disclosed in a filing with the SEC, which is available at 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 State Street stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% 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. In the last three months, insiders have sold 49,576 shares of company stock worth $8,415,875. Corporate insiders own 0.27% of the company’s stock.

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.