Empowered Funds LLC Has $11.15 Million Position in State Street Corporation $STT

Empowered Funds LLC boosted its stake in shares of State Street Corporation (NYSE:STT) by 104.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 88,678 shares of the asset manager’s stock after purchasing an additional 45,303 shares during the period. Empowered Funds LLC’s holdings in State Street were worth $11,149,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Quantinno Capital Management LP lifted its position in State Street by 32.7% in the 1st quarter. Quantinno Capital Management LP now owns 582,239 shares of the asset manager’s stock worth $73,688,000 after buying an additional 143,357 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its stake in shares of State Street by 18.0% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 33,664 shares of the asset manager’s stock valued at $4,261,000 after buying an additional 5,147 shares during the period. Themes Management Co LLC grew its holdings in shares of State Street by 4.6% during the 1st quarter. Themes Management Co LLC now owns 7,877 shares of the asset manager’s stock valued at $990,000 after acquiring an additional 347 shares in the last quarter. Lombard Odier Asset Management Switzerland SA grew its holdings in shares of State Street by 18.2% during the 1st quarter. Lombard Odier Asset Management Switzerland SA now owns 36,333 shares of the asset manager’s stock valued at $4,598,000 after acquiring an additional 5,600 shares in the last quarter. Finally, Bridgewater Advisors Inc. increased its stake in shares of State Street by 5.5% in the first quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager’s stock worth $246,000 after acquiring an additional 101 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the company’s 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 represents a 3.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of the 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 transaction, the executive vice president directly owned 49,794 shares in the company, 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. In the last quarter, insiders sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is owned by corporate insiders.

State Street Stock Up 3.9%

State Street stock opened at $182.93 on Friday. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $192.51. The firm’s fifty day simple moving average is $171.34 and its 200-day simple moving average is $147.45. The company has a market capitalization of $50.63 billion, a P/E ratio of 16.13, a P/E/G ratio of 0.73 and a beta of 1.42.

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 analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. State Street’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.04 earnings per share. Sell-side analysts forecast that State Street Corporation will post 13.68 earnings per share 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. Shareholders of record on Thursday, October 1st will be given 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 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is presently 32.45%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Royal Bank Of Canada increased their price objective on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a report on Friday, July 17th. JPMorgan Chase & Co. boosted their target price on State Street from $158.50 to $176.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. Wells Fargo & Company upped their target price on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Finally, Barclays lifted their price target on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $184.72.

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.