Freestone Grove Partners LP Takes Position in State Street Corporation $STT

Freestone Grove Partners LP bought a new position in State Street Corporation (NYSE:STT) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 83,758 shares of the asset manager’s stock, valued at approximately $14,205,000.

Several other hedge funds and other institutional investors also recently modified their holdings of STT. Bell Investment Advisors Inc bought a new position in shares of State Street in the second quarter valued at approximately $28,000. Wilkerson Advisory Group LLC purchased a new position in shares of State Street during the 4th quarter valued at $29,000. JPL Wealth Management LLC bought a new position in shares of State Street in the third quarter worth $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street in the fourth quarter worth $30,000. Finally, Elevation Wealth Partners LLC raised its position in shares of State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after buying an additional 106 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Trading Down 0.2%

STT opened at $193.26 on Friday. The business has a 50 day simple moving average of $181.97 and a two-hundred day simple moving average of $155.68. The firm has a market capitalization of $53.09 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 0.80 and a beta of 1.41. 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 Corporation has a one year low of $104.64 and a one year high of $195.93.

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. Analysts predict that State Street Corporation will post 13.75 EPS for the current year.

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 paid a dividend of $0.92 per share. The ex-dividend date is Thursday, October 1st. This is a positive change 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%. State Street’s dividend payout ratio (DPR) is presently 29.63%.

Analysts Set New Price Targets

STT has been the subject of several research analyst reports. Evercore set a $200.00 target price on shares of State Street in a research report on Monday, July 20th. Wells Fargo & Company increased their price target on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Bank of America raised their price objective on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods lifted their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Finally, Barclays increased their target price on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. 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. Based on data from MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and an average price target of $185.38.

Insider Buying and Selling at State Street

In other 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 value of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% 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. Over the last 90 days, insiders sold 25,811 shares of company stock worth $4,723,982. 0.27% of the stock is owned by insiders.

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.