Corient Private Wealth LP acquired a new stake in State Street Corporation (NYSE:STT – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 246,674 shares of the asset manager’s stock, valued at approximately $41,837,000. Corient Private Wealth LP owned about 0.09% of State Street at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. IFM Investors Pty Ltd boosted its stake in shares of State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after buying an additional 7,469 shares during the last quarter. New York State Teachers Retirement System raised its position in State Street by 9.7% during the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock valued at $38,464,000 after acquiring an additional 26,862 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new position in State Street during the fourth quarter valued at approximately $935,000. Illinois Municipal Retirement Fund lifted its holdings in State Street by 18.3% in the first quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock valued at $10,856,000 after acquiring an additional 13,245 shares during the period. Finally, Global Retirement Partners LLC lifted its holdings in State Street by 476.7% in the fourth quarter. Global Retirement Partners LLC now owns 8,478 shares of the asset manager’s stock valued at $1,094,000 after acquiring an additional 7,008 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.
State Street Stock Down 0.2%
State Street stock opened at $193.26 on Friday. The stock has a market capitalization of $53.09 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $195.93. The business has a 50 day simple moving average of $181.97 and a 200-day simple moving average of $155.68. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59.
State Street Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is currently 29.63%.
Insider Buying and Selling at State Street
In other news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the company’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 transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This trade represents a 16.39% 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 25,811 shares of company stock valued at $4,723,982 over the last ninety days. Corporate insiders own 0.27% of the company’s stock.
Analysts Set New Price Targets
STT has been the topic of a number of analyst reports. Barclays raised their price objective on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. The Goldman Sachs Group boosted their target price on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Wells Fargo & Company raised their price target on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Citigroup lifted their price objective on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a report on Friday, July 17th. Two equities research 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.
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.
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