Empirical Asset Management LLC Acquires New Position in State Street Corporation $STT

Empirical Asset Management LLC acquired a new position in shares of State Street Corporation (NYSE:STT) during the second quarter, HoldingsChannel reports. The fund acquired 4,166 shares of the asset manager’s stock, valued at approximately $707,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in State Street in the second quarter valued at about $4,139,389,000. Regents of The University of California lifted its position in shares of State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after acquiring an additional 5,908,370 shares during the period. Norges Bank purchased a new stake in shares of State Street during the 4th quarter worth approximately $303,483,000. Bank of New York Mellon Corp purchased a new stake in shares of State Street during the 2nd quarter worth approximately $301,393,000. Finally, Pinebridge Investments LLC acquired a new stake in shares of State Street in the 4th quarter worth approximately $178,705,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Trading Down 0.5%

Shares of STT opened at $192.03 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The firm has a 50 day simple moving average of $178.87 and a 200-day simple moving average of $152.80. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.18. The stock has a market cap of $52.75 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

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, topping the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the previous year, the firm posted $2.04 EPS. The company’s quarterly revenue was up 23.3% compared to the same quarter last year. Equities analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is presently 29.63%.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated 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 sale, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated 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 sale, the chief executive officer 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 49,576 shares of company stock valued at $8,415,875 over the last three months. 0.27% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on STT. Truist Financial reaffirmed a “hold” rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Morgan Stanley boosted their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Argus upped their target price on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Wells Fargo & Company raised their price target on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Royal Bank Of Canada raised their price target on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.