Encore Global Management LP Takes Position in State Street Corporation $STT

Encore Global Management LP purchased a new position in shares of State Street Corporation (NYSE:STT) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 15,900 shares of the asset manager’s stock, valued at approximately $2,012,000.

Other large investors have also bought and sold shares of the company. Wilkerson Advisory Group LLC bought a new stake in State Street in the fourth quarter valued at approximately $29,000. Phillip James Consulting Co. bought a new position in shares of State Street in the fourth quarter worth approximately $30,000. JPL Wealth Management LLC bought a new position in shares of State Street in the third quarter worth approximately $29,000. Whipplewood Advisors LLC purchased a new position in shares of State Street in the first quarter worth $34,000. Finally, Reflection Asset Management purchased a new position in shares of State Street in the fourth quarter worth $35,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on STT. The Goldman Sachs Group increased their price target on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Evercore set a $200.00 price objective on shares of State Street in a research report on Monday, July 20th. Wells Fargo & Company upped their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Morgan Stanley increased their target price on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and a consensus target price of $184.72.

State Street Stock Performance

Shares of STT stock opened at $182.77 on Wednesday. The firm has a market capitalization of $50.59 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 0.76 and a beta of 1.42. The stock has a fifty day moving average of $170.32 and a 200 day moving average of $146.79. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $192.51. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last issued its quarterly earnings data 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. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm earned $2.04 EPS. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. As a group, research analysts expect that State Street Corporation will post 13.68 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 13th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. 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. State Street’s payout ratio is presently 29.63%.

Insider Activity at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The stock was 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. This trade represents a 5.70% 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 49,576 shares of company stock worth $8,415,875 over the last 90 days. 0.27% of the stock is owned by company insiders.

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.