USA Financial Formulas Buys New Holdings in State Street Corporation $STT

USA Financial Formulas purchased a new stake in shares of State Street Corporation (NYSE:STT) in the first quarter, HoldingsChannel.com reports. The firm purchased 5,007 shares of the asset manager’s stock, valued at approximately $634,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STT. IFM Investors Pty Ltd lifted its position in State Street by 9.7% during the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after buying an additional 7,469 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of State Street in the fourth quarter worth $1,959,000. New York State Teachers Retirement System increased its position in shares of State Street by 9.7% in the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock worth $38,464,000 after acquiring an additional 26,862 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new position in shares of State Street in the 4th quarter valued at $935,000. Finally, Illinois Municipal Retirement Fund raised its stake in shares of State Street by 18.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock valued at $10,856,000 after acquiring an additional 13,245 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $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 have sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is currently owned by corporate insiders.

State Street Stock Performance

State Street stock opened at $191.92 on Friday. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $192.51. The company has a market capitalization of $52.72 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 0.79 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. The firm’s fifty day moving average price is $177.65 and its 200 day moving average price is $151.71.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s revenue was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.04 EPS. On average, research analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date of this dividend 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 dividend yield of 1.9%. State Street’s dividend payout ratio is presently 29.63%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on STT shares. Barclays upped their price target on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Citigroup boosted their price objective on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. The Goldman Sachs Group upped 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. Bank of America increased their target price 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, Evercore set a $200.00 target price on State Street in a report on Monday, July 20th. Two investment 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.