Foster & Motley Inc. Takes $577,000 Position in State Street Corporation $STT

Foster & Motley Inc. acquired a new position in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,400 shares of the asset manager’s stock, valued at approximately $577,000.

Other hedge funds have also bought and sold shares of the company. Bell Investment Advisors Inc bought a new stake in shares of State Street in the second quarter valued at approximately $28,000. Wilkerson Advisory Group LLC bought a new position in State Street during the 4th quarter worth $29,000. JPL Wealth Management LLC acquired a new position in State Street in the 3rd quarter valued at $29,000. Phillip James Consulting Co. bought a new stake in shares of State Street during the 4th quarter valued at $30,000. Finally, Elevation Wealth Partners LLC lifted its position in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 106 shares during the period. 87.44% of the stock is owned by institutional investors.

Analyst Ratings Changes

STT has been the topic of a number of recent analyst reports. Barclays raised their price target on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Royal Bank Of Canada raised their target price on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a report on Friday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Finally, Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Two 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Price Performance

Shares of NYSE:STT opened at $185.91 on Thursday. The company has a market cap of $51.07 billion, a price-to-earnings ratio of 16.39, a PEG 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 has a 50 day simple moving average of $179.34 and a 200 day simple moving average of $153.18. State Street Corporation has a one year low of $104.64 and a one year high of $195.18.

State Street (NYSE:STT) last posted its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share 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 analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.04 earnings per share. Research analysts predict that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date 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 presently 29.63%.

Insiders Place Their Bets

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction dated Tuesday, July 21st. The stock was 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 in the company, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 49,576 shares of company stock valued at $8,415,875 in the last 90 days. Corporate insiders own 0.27% of the company’s stock.

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.