State Street Corporation $STT Holdings Lowered by Private Management Group Inc.

Private Management Group Inc. decreased its holdings in State Street Corporation (NYSE:STT) by 1.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 327,584 shares of the asset manager’s stock after selling 3,714 shares during the period. State Street accounts for about 1.5% of Private Management Group Inc.’s portfolio, making the stock its 4th biggest holding. Private Management Group Inc.’s holdings in State Street were worth $55,558,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Brighton Jones LLC purchased a new position in State Street in the 4th quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in State Street by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after buying an additional 918 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after buying an additional 5,226 shares during the last quarter. Empowered Funds LLC raised its position in shares of State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after buying an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP lifted its holdings in shares of State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after buying an additional 6,767 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.0%

Shares of NYSE STT opened at $193.42 on Friday. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.93. 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 business’s 50 day moving average is $182.46 and its two-hundred day moving average is $155.95. The stock has a market capitalization of $53.13 billion, a P/E ratio of 17.06, a PEG ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The business 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 company’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period last year, the company earned $2.04 EPS. As a group, research analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a $0.92 dividend. 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 is 29.63%.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction on Friday, July 24th. The shares were 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 in the company, valued at $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 sold a total of 25,811 shares of company stock worth $4,723,982 over the last three months. 0.27% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on STT. Keefe, Bruyette & Woods upped their target price on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Morgan Stanley lifted their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Evercore set a $200.00 target price on State Street in a research report on Monday, July 20th. Bank of America increased their price target on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. lifted their price objective on State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, State Street 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.