Philadelphia Financial Management of San Francisco LLC Buys New Stake in State Street Corporation $STT

Philadelphia Financial Management of San Francisco LLC acquired a new position in State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 46,550 shares of the asset manager’s stock, valued at approximately $7,894,880,000. State Street accounts for about 1.6% of Philadelphia Financial Management of San Francisco LLC’s portfolio, making the stock its 23rd largest holding.

Other large investors have also made changes to their positions in the company. Brighton Jones LLC purchased a new position in State Street during the fourth quarter valued at $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after buying an additional 918 shares during the period. NewEdge Advisors LLC increased its stake in State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after acquiring an additional 5,226 shares during the last quarter. Empowered Funds LLC lifted its position in State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after buying an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP boosted its position in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after purchasing an additional 6,767 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on STT shares. Keefe, Bruyette & Woods increased their target price on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Wells Fargo & Company upped their target price on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Royal Bank Of Canada increased their price objective on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. Barclays boosted their target price on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Finally, Citigroup boosted their price objective on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Stock Up 0.3%

STT stock opened at $193.61 on Thursday. State Street Corporation has a one year low of $104.64 and a one year high of $195.18. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The company has a fifty day moving average of $181.47 and a 200-day moving average of $155.25. The stock has a market capitalization of $53.18 billion, a PE ratio of 17.07, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.04 EPS. As a group, analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This is an increase from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 1.9%. State Street’s payout ratio is 29.63%.

Insider Activity

In related news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,811 shares of company stock valued at $4,723,982 over the last 90 days. Insiders own 0.27% of the company’s stock.

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.