Caisse de depot et placement du Quebec Acquires New Stake in State Street Corporation $STT

Caisse de depot et placement du Quebec acquired a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 779,768 shares of the asset manager’s stock, valued at approximately $132,249,000. Caisse de depot et placement du Quebec owned approximately 0.28% of State Street as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Man Group plc acquired a new stake in shares of State Street in the second quarter valued at about $162,048,000. First Bancorp Inc ME acquired a new position in State Street during the second quarter worth about $93,000. Roberts Glore & Co. Inc. IL acquired a new position in State Street during the second quarter worth about $933,000. Polar Asset Management Partners Inc. purchased a new stake in State Street during the 2nd quarter valued at about $14,813,000. Finally, Jupiter Topco LLC purchased a new stake in State Street during the 2nd quarter valued at about $6,600,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on STT shares. The Goldman Sachs Group raised their target price on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. UBS Group set a $176.00 price target on State Street in a report on Friday, June 26th. 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. Finally, Citigroup boosted their price objective on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and an average target price of $185.38.

Insider Buying and Selling

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on 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 represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the firm’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 directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 25,811 shares of company stock worth $4,723,982. Company insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of STT stock opened at $193.61 on Thursday. 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 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. The firm’s 50-day moving average is $181.47 and its two-hundred day moving average is $155.25. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $195.18.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion during 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 business’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.04 EPS. Analysts predict that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

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

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.