OneDigital Investment Advisors LLC Invests $462,000 in State Street Corporation $STT

OneDigital Investment Advisors LLC bought a new stake in shares of State Street Corporation (NYSE:STT) in the second quarter, Holdings Channel reports. The fund bought 2,724 shares of the asset manager’s stock, valued at approximately $462,000.

A number of other hedge funds have also modified their holdings of the business. Regents of The University of California raised its holdings in 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 acquiring an additional 5,908,370 shares during the last quarter. Norges Bank acquired a new stake in State Street during the fourth quarter worth $303,483,000. Bank of New York Mellon Corp purchased a new stake in State Street in the 2nd quarter valued at about $301,393,000. Pinebridge Investments LLC purchased a new stake in shares of State Street in the 4th quarter valued at approximately $178,705,000. Finally, Victory Capital Management Inc. raised its position in State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after purchasing an additional 1,074,174 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. UBS Group set a $176.00 target price on shares of State Street in a research note on Friday, June 26th. Evercore set a $200.00 price objective on State Street in a research note on Monday, July 20th. Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Finally, Truist Financial restated a “hold” rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and an average price target of $185.38.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. The trade was a 5.70% 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. Insiders have sold a total of 49,576 shares of company stock worth $8,415,875 in the last three months. Insiders own 0.27% of the company’s stock.

State Street Stock Down 3.1%

STT stock opened at $185.91 on Thursday. The company has a fifty day moving average price of $179.34 and a 200 day moving average price of $153.18. State Street Corporation has a 12 month low of $104.64 and a 12 month 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 $51.07 billion, a price-to-earnings ratio of 16.39, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm earned $2.04 earnings per share. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. Sell-side analysts expect that State Street Corporation will post 13.75 earnings per share for the current 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 issued a dividend of $0.92 per share. This is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is 29.63%.

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.