Citizens Financial Group Inc. RI Makes New Investment in State Street Corporation $STT

Citizens Financial Group Inc. RI bought a new stake in shares of State Street Corporation (NYSE:STT) during the second quarter, Holdings Channel reports. The fund bought 10,254 shares of the asset manager’s stock, valued at approximately $1,739,000.

Other institutional investors have also recently added to or reduced their stakes in the company. UNIVEST FINANCIAL Corp purchased a new stake in State Street in the 2nd quarter worth $253,000. Focused Alpha LLC acquired a new position in State Street during the second quarter worth $821,000. MidFirst Bank purchased a new position in State Street during the second quarter valued at $216,000. BlackRock Inc. acquired a new stake in shares of State Street in the second quarter valued at about $4,139,389,000. Finally, Dunhill Financial LLC acquired a new stake in shares of State Street in the second quarter valued at about $55,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

NYSE:STT opened at $193.48 on Tuesday. The company has a market cap of $53.15 billion, a P/E ratio of 17.06, a P/E/G ratio of 0.79 and a beta of 1.41. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18. The company’s 50-day moving average price is $178.29 and its 200-day moving average price is $152.35. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04.

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 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 company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the company earned $2.04 EPS. State Street’s revenue was up 23.3% compared to the same quarter last year. On average, sell-side analysts forecast 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. 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 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is 29.63%.

Insider Activity at State Street

In other State Street news, 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 value of $2,680,226.01. Following the completion of the sale, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 completion of the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

STT has been the subject of several research analyst reports. Bank of America upped their price target on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. JPMorgan Chase & Co. increased their target price on State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Royal Bank Of Canada raised their target price on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research report on Friday, July 17th. Finally, Morgan Stanley lifted their price target on State Street from $183.00 to $195.00 and gave the stock an “overweight” 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. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $185.38.

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.