Global Retirement Partners LLC Invests $1.68 Million in State Street Corporation $STT

Global Retirement Partners LLC acquired a new position in shares of State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,882 shares of the asset manager’s stock, valued at approximately $1,676,000.

A number of other institutional investors also recently modified their holdings of STT. Regents of The University of California boosted its holdings in State Street by 15.6% in the 1st 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 purchasing an additional 1,358,923 shares during the period. Morgan Stanley boosted its holdings in shares of State Street by 9.0% in the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after purchasing an additional 433,201 shares in the last quarter. Victory Capital Management Inc. boosted its stake in State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after buying an additional 1,074,174 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of State Street by 1.7% in the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after purchasing an additional 67,309 shares in the last quarter. Finally, First Trust Advisors LP grew its stake in shares of State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after buying an additional 835,331 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

STT stock opened at $193.48 on Tuesday. The firm has a market cap of $53.15 billion, a PE ratio of 17.06, a P/E/G ratio of 0.79 and a beta of 1.41. 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 has a 50 day moving average of $178.29 and a 200-day moving average of $152.35. 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. 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 analyst estimates of $3.88 billion. During the same quarter in the prior year, the business earned $2.04 earnings per share. The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. As a group, sell-side analysts expect that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on STT. Royal Bank Of Canada lifted their price target 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. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. UBS Group set a $176.00 price objective on shares of State Street in a research report on Friday, June 26th. Wells Fargo & Company raised their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Two investment 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 a consensus rating of “Moderate Buy” and an average target price of $185.38.

Insider Activity

In related news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction on 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 directly owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This trade represents a 5.70% 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 49,576 shares of company stock valued at $8,415,875 in the last three months. Company 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.