Rakuten Investment Management Inc. purchased a new stake in State Street Corporation (NYSE:STT – Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 45,381 shares of the asset manager’s stock, valued at approximately $7,723,000.
Several other institutional investors also recently made changes to their positions in the stock. Philadelphia Investment Partners LLC acquired a new position in State Street in the second quarter valued at $26,000. Bell Investment Advisors Inc purchased a new stake in State Street during the second quarter valued at about $28,000. Elevation Wealth Partners LLC increased its stake in State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares during the last quarter. Keating Financial Advisory Services Inc. acquired a new stake in State Street during the second quarter worth about $33,000. Finally, Kelleher Financial Advisors purchased a new position in shares of State Street in the 2nd quarter worth about $33,000. 87.44% of the stock is owned by hedge funds and other institutional investors.
State Street Price Performance
STT stock opened at $193.42 on Friday. The firm has a market cap of $53.13 billion, a P/E ratio of 17.06, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.93. The stock has a 50-day simple moving average of $182.46 and a 200-day simple moving average of $155.95.
State Street Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. State Street’s dividend payout ratio is presently 29.63%.
Insider Activity
In related news, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction on Friday, July 24th. The shares were 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 of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 25,811 shares of company stock worth $4,723,982. 0.27% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on STT. Morgan Stanley boosted their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Royal Bank Of Canada lifted their price target on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research report on Friday, July 17th. Evercore set a $200.00 price objective on shares of State Street in a research note on Monday, July 20th. Weiss Ratings reissued a “buy (b+)” rating on shares of State Street in a research report on Tuesday. Finally, Keefe, Bruyette & Woods raised their target price 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. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, State Street has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.
View Our Latest Analysis on STT
State Street Company 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.
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