Encore Global Management LP Buys Shares of 15,900 State Street Corporation $STT

Encore Global Management LP bought a new position in shares of State Street Corporation (NYSE:STT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,900 shares of the asset manager’s stock, valued at approximately $2,012,000.

A number of other large investors have also recently made changes to their positions in the stock. Brighton Jones LLC bought a new position in State Street in the 4th quarter worth about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of 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 valued at $2,885,000 after buying an additional 918 shares during the period. NewEdge Advisors LLC increased its position in shares of State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after buying an additional 5,226 shares during the period. Empowered Funds LLC lifted its holdings in shares of State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after buying an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP boosted its position in shares of 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 acquiring an additional 6,767 shares during the period. 87.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Barclays boosted their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Morgan Stanley boosted their price target on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Keefe, Bruyette & Woods upped their price target on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Evercore set a $200.00 price objective on State Street in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. lifted their price objective on State Street from $158.50 to $176.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. Two research 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 company. Based on data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $184.72.

State Street Trading Down 1.0%

Shares of State Street stock opened at $182.77 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $192.51. The firm has a market cap of $50.59 billion, a PE ratio of 16.12, a PEG ratio of 0.76 and a beta of 1.42. The company has a 50 day simple moving average of $170.32 and a two-hundred day simple moving average of $146.79.

State Street (NYSE:STT) last issued 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 firm 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 business’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.04 EPS. Analysts expect that State Street Corporation will post 13.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given 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 is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is presently 29.63%.

Insider Activity at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 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 sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This trade 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 have sold a total of 49,576 shares of company stock valued at $8,415,875 over the last 90 days. 0.27% of the stock is owned by insiders.

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.