OFI Invest Asset Management Increases Stock Holdings in State Street Corporation $STT

OFI Invest Asset Management increased its holdings in shares of State Street Corporation (NYSE:STT) by 58.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,150 shares of the asset manager’s stock after buying an additional 423 shares during the quarter. OFI Invest Asset Management’s holdings in State Street were worth $122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. McAdam LLC lifted its holdings in shares of State Street by 1.7% in the 2nd quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock valued at $707,000 after buying an additional 111 shares during the period. Meeder Advisory Services Inc. lifted its holdings in shares of State Street by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock valued at $515,000 after buying an additional 114 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in shares of State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock valued at $395,000 after buying an additional 118 shares during the period. Larson Financial Group LLC lifted its holdings in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after buying an additional 118 shares during the period. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of State Street by 5.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock valued at $201,000 after buying an additional 126 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares of the company’s stock, valued at $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on STT. Morgan Stanley reissued an “overweight” rating and issued a $162.00 price objective on shares of State Street in a report on Monday, September 29th. TD Cowen assumed coverage on State Street in a report on Thursday, September 25th. They issued a “buy” rating for the company. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Friday, October 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Finally, Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $122.83.

State Street Price Performance

Shares of State Street stock opened at $111.03 on Monday. The business has a 50 day simple moving average of $113.23 and a two-hundred day simple moving average of $102.36. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $118.24. The stock has a market capitalization of $31.50 billion, a P/E ratio of 12.43, a PEG ratio of 1.14 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter in the prior year, the firm earned $2.15 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. As a group, analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company 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 dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. State Street’s payout ratio is currently 37.63%.

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.