State Street Corporation $STT Shares Acquired by Engineers Gate Manager LP

Engineers Gate Manager LP grew its stake in State Street Corporation (NYSE:STT) by 1,213.4% in the second quarter, Holdings Channel.com reports. The firm owned 135,388 shares of the asset manager’s stock after acquiring an additional 125,080 shares during the quarter. Engineers Gate Manager LP’s holdings in State Street were worth $22,962,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Philadelphia Investment Partners LLC purchased a new stake in State Street in the 2nd quarter valued at $26,000. Bell Investment Advisors Inc acquired a new stake in shares of State Street in the 2nd quarter worth $28,000. Wilkerson Advisory Group LLC purchased a new position in shares of State Street during the 4th quarter worth $29,000. JPL Wealth Management LLC acquired a new position in shares of State Street during the 3rd quarter valued at about $29,000. Finally, Phillip James Consulting Co. acquired a new position in shares of State Street during the 4th quarter valued at about $30,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on STT shares. Weiss Ratings restated a “buy (b+)” rating on shares of State Street in a research report on Tuesday, August 25th. Royal Bank Of Canada boosted 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. Evercore set a $200.00 price target on shares of State Street in a research note on Monday, July 20th. JPMorgan Chase & Co. raised their price target on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Finally, Citigroup lifted their price target on shares of State Street from $193.00 to $210.00 and gave the company 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 assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Price Performance

State Street stock opened at $192.03 on Thursday. The company’s 50 day simple moving average is $185.90 and its 200-day simple moving average is $159.65. The company has a market capitalization of $52.75 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 0.91 and a beta of 1.41. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.93. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59.

State Street (NYSE:STT) last posted its quarterly earnings data 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. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter last year, the company posted $2.04 EPS. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. As a group, equities research analysts expect that State Street Corporation will post 13.76 earnings per share for the current year.

State Street Increases Dividend

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

Insider Buying and Selling at State Street

In related news, EVP W. Hu sold 9,758 shares of the business’s stock in a transaction on 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 sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was 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. Company insiders own 0.27% of the company’s stock.

State Street Company Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.