Saudi Central Bank Grows Position in State Street Corporation $STT

Saudi Central Bank lifted its position in State Street Corporation (NYSE:STT) by 89.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 19,511 shares of the asset manager’s stock after purchasing an additional 9,201 shares during the period. Saudi Central Bank’s holdings in State Street were worth $3,309,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in STT. BlackRock Inc. purchased a new stake in State Street during the 2nd quarter valued at $4,139,389,000. Regents of The University of California raised its stake in shares of State Street by 15.6% during the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after acquiring an additional 1,358,923 shares during the last quarter. Morgan Stanley raised its stake 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 acquiring an additional 433,201 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of 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 purchasing an additional 1,074,174 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of State Street by 1.7% during the fourth 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 period. 87.44% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on STT. Morgan Stanley boosted their price target on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Barclays lifted their price objective 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. Citigroup boosted their target price on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Royal Bank Of Canada upped their target price on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a report on Friday, July 17th. Finally, UBS Group set a $176.00 price target on State Street in a research note on Friday, June 26th. 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Stock Performance

Shares of STT opened at $194.41 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average price is $185.01 and its 200-day moving average price is $158.76. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.93. The stock has a market cap of $53.40 billion, a P/E ratio of 17.14, a P/E/G ratio of 0.92 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 (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the business earned $2.04 earnings per share. The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. Equities research analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is presently 29.63%.

Insider Transactions at State Street

In related news, CEO Ronald O’Hanley sold 14,553 shares of the company’s 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 transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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.