Quantbot Technologies LP Takes Position in State Street Corporation $STT

Quantbot Technologies LP purchased a new stake in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 9,846 shares of the asset manager’s stock, valued at approximately $1,670,000.

Other institutional investors also recently bought and sold shares of the company. Evolve Private Wealth LLC bought a new stake in State Street during the 2nd quarter valued at approximately $215,000. Westpac Banking Corp bought a new position in shares of State Street in the 2nd quarter worth approximately $7,309,000. William Blair Investment Management LLC bought a new position in shares of State Street in the 2nd quarter worth approximately $234,000. Landscape Capital Management L.L.C. purchased a new position in shares of State Street in the 2nd quarter valued at approximately $292,000. Finally, Korea Investment CORP purchased a new position in shares of State Street in the 2nd quarter valued at approximately $70,223,000. 87.44% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods upped their price target on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Morgan Stanley raised their price objective on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report 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 report on Tuesday, June 30th. Citigroup upped their target price on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Finally, Royal Bank Of Canada increased their price target on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and an average price target of $185.38.

Insider Activity

In other news, 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 completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 State Street stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 25,811 shares of company stock worth $4,723,982 over the last three months. 0.27% of the stock is currently owned by corporate insiders.

State Street Stock Performance

State Street stock opened at $191.00 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $52.47 billion, a P/E ratio of 16.84, a PEG ratio of 0.77 and a beta of 1.41. The stock’s 50 day moving average is $180.59 and its 200 day moving average is $154.37. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter last year, the company earned $2.04 EPS. On average, equities research analysts predict 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. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. 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%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is currently 29.63%.

About State Street

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.