World Investment Advisors Acquires 14,731 Shares of State Street Corporation $STT

World Investment Advisors increased its holdings in shares of State Street Corporation (NYSE:STT) by 603.0% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 17,174 shares of the asset manager’s stock after purchasing an additional 14,731 shares during the period. World Investment Advisors’ holdings in State Street were worth $2,174,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Regents of The University of California lifted its stake in shares of State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares during the period. Morgan Stanley lifted its position in shares of State Street by 9.0% during the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after purchasing an additional 433,201 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after acquiring an additional 1,074,174 shares during the period. Franklin Resources Inc. increased its stake in shares of State Street by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after purchasing an additional 67,309 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of State Street by 30.4% during the 4th quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after acquiring an additional 835,331 shares during the period. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 3,000 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the transaction, the executive vice president directly owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the transaction, the chief executive officer owned 255,512 shares in the company, valued at approximately $39,693,789.20. This represents a 5.39% decrease in their ownership of the stock. 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. Over the last ninety days, insiders have sold 37,876 shares of company stock valued at $5,866,583. Insiders own 0.27% of the company’s stock.

Key State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: Bank of America raised its price target on State Street to $190 from $160, implying additional upside from current levels and signaling improved analyst sentiment. Bank of America Raises State Street Price Target
• Positive Sentiment: JPMorgan also increased its price target on State Street to $176.50 from $158.50, reinforcing expectations that the stock has held up better than previously thought. JPMorgan Raises State Street Price Target
• Neutral Sentiment: State Street’s recent filing-related news shows its asset management subsidiaries reduced or exited several smaller holdings, including Atlas Arteria, Elsight, Viva Energy, and 4DMedical. These announcements are unlikely to be a major direct driver of STT shares, but they reflect normal portfolio turnover across its investment businesses.

Analysts Set New Price Targets

Several research analysts have commented on STT shares. UBS Group set a $176.00 price target on shares of State Street in a report on Friday, June 26th. Argus upped their price objective on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. JPMorgan Chase & Co. boosted their price target on State Street from $158.50 to $176.50 and gave the stock a “neutral” rating in a research report on Monday. Keefe, Bruyette & Woods lifted their target price on shares of State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, April 20th. Finally, The Goldman Sachs Group boosted their target price on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $172.66.

State Street Trading Up 1.5%

STT stock traded up $2.64 during midday trading on Tuesday, reaching $178.60. 526,909 shares of the company traded hands, compared to its average volume of 2,178,363. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The business has a 50 day moving average of $159.83 and a 200-day moving average of $140.59. The firm has a market capitalization of $49.43 billion, a price-to-earnings ratio of 18.12, a P/E/G ratio of 0.92 and a beta of 1.42. State Street Corporation has a 52-week low of $101.98 and a 52-week high of $179.09.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.04 earnings per share. As a group, sell-side analysts expect that State Street Corporation will post 12.53 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 1.9%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio is currently 34.08%.

State Street Company 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.