Horizon Investment Services LLC bought a new position in shares of State Street Corporation (NYSE:STT – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 28,225 shares of the asset manager’s stock, valued at approximately $4,787,000. State Street accounts for about 1.3% of Horizon Investment Services LLC’s investment portfolio, making the stock its 27th largest position.
A number of other hedge funds have also added to or reduced their stakes in STT. Regents of The University of California increased its stake in shares of State Street by 15.6% in the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after acquiring an additional 1,358,923 shares in the last quarter. Morgan Stanley boosted its stake in State Street by 9.0% during the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after acquiring an additional 433,201 shares in the last quarter. Victory Capital Management Inc. grew its holdings in State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after purchasing an additional 1,074,174 shares during the period. Franklin Resources Inc. grew its holdings in State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after purchasing an additional 67,309 shares during the period. Finally, First Trust Advisors LP increased its stake in State Street by 30.4% in the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock valued at $462,240,000 after purchasing an additional 835,331 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
STT has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods increased their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Argus boosted their target price on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Evercore set a $200.00 price target on State Street in a research note on Monday, July 20th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Finally, JPMorgan Chase & Co. upped their target price on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.
State Street Price Performance
Shares of NYSE STT opened at $191.92 on Monday. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $192.51. The stock has a market cap of $52.72 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 0.79 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. The firm’s 50-day simple moving average is $177.65 and its 200 day simple moving average is $151.88.
State Street (NYSE:STT – Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.04 EPS. As a group, research analysts anticipate that State Street Corporation will post 13.75 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 dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. State Street’s payout ratio is presently 29.63%.
Insider Activity at State Street
In related news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. 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. Insiders own 0.27% of the company’s stock.
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.
Featured Articles
- Five stocks we like better than State Street
- The Metals Company’s Big Bet Now Comes Down to a License
- OneSpaWorld Keeps Turning Cruise Demand Into Record Earnings
- Meta and Tesla Are Rebounding From Oversold Levels—Now What?
- AMG’s Alternatives Boom Powers Record Growth
Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.
