GQG Partners LLC Makes New $187.59 Million Investment in State Street Corporation $STT

GQG Partners LLC purchased a new stake in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 1,106,046 shares of the asset manager’s stock, valued at approximately $187,588,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bell Investment Advisors Inc bought a new stake in shares of State Street during the second quarter valued at approximately $28,000. Elevation Wealth Partners LLC raised its holdings in State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares during the last quarter. Keating Financial Advisory Services Inc. bought a new position in State Street in the 2nd quarter valued at approximately $33,000. Kelleher Financial Advisors purchased a new stake in State Street during the 2nd quarter valued at $33,000. Finally, Wilkerson Advisory Group LLC purchased a new stake in State Street during the 4th quarter valued at $29,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Up 2.3%

Shares of STT stock opened at $187.22 on Friday. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.18. 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 company has a market cap of $51.43 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 0.77 and a beta of 1.41. The stock’s fifty day moving average price is $180.11 and its 200 day moving average price is $153.79.

State Street (NYSE:STT) last released its earnings results 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. 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 for the quarter, compared to the consensus estimate of $3.88 billion. During the same period in the prior year, the firm earned $2.04 EPS. The firm’s revenue was up 23.3% on a year-over-year basis. On average, research analysts expect that State Street Corporation will post 13.75 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. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is 29.63%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction on 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 sale, the executive vice president directly owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction that occurred 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 sale, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% 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. Over the last ninety days, insiders sold 49,576 shares of company stock worth $8,415,875. Company insiders own 0.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on STT shares. The Goldman Sachs Group increased their target price on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. UBS Group set a $176.00 price objective on State Street in a research note on Friday, June 26th. Keefe, Bruyette & Woods lifted their target price on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Finally, JPMorgan Chase & Co. raised 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 assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

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.