DAVENPORT & Co LLC Purchases 230 Shares of State Street Corporation $STT

DAVENPORT & Co LLC lifted its position in State Street Corporation (NYSE:STT) by 2.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,164 shares of the asset manager’s stock after purchasing an additional 230 shares during the quarter. DAVENPORT & Co LLC’s holdings in State Street were worth $868,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of STT. McAdam LLC raised its stake in shares of State Street by 1.7% during the second quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock worth $707,000 after acquiring an additional 111 shares in the last quarter. Meeder Advisory Services Inc. grew its holdings in shares of State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock valued at $515,000 after purchasing an additional 114 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock valued at $395,000 after purchasing an additional 118 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of State Street by 5.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock valued at $201,000 after purchasing an additional 126 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on STT shares. Cfra Research upgraded shares of State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. The Goldman Sachs Group boosted their target price on State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Bank of America lifted their price target on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. TD Cowen initiated coverage on shares of State Street in a report on Thursday, September 25th. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company raised their target price on shares of State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $122.83.

State Street Price Performance

Shares of NYSE STT opened at $111.03 on Friday. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $118.24. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The company’s 50-day moving average is $113.23 and its 200 day moving average is $102.22. The stock has a market capitalization of $31.50 billion, a P/E ratio of 12.43, a P/E/G ratio of 1.21 and a beta of 1.46.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. During the same period in the previous year, the firm posted $2.15 EPS. The business’s revenue was up 2.9% on a year-over-year basis. On average, sell-side analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 3.0%. This is a positive change from State Street’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street’s dividend payout ratio is presently 37.63%.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.