Great Lakes Advisors LLC Buys New Position in State Street Corporation $STT

Great Lakes Advisors LLC purchased a new position in shares of 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 purchased 322,188 shares of the asset manager’s stock, valued at approximately $54,644,000.

Several other institutional investors also recently added to or reduced their stakes in STT. Western Wealth Management LLC boosted its holdings in shares of State Street by 3.1% in the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock valued at $253,000 after acquiring an additional 60 shares during the period. Chicago Partners Investment Group LLC grew its position in shares of State Street by 1.6% during the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after acquiring an additional 83 shares during the last quarter. Arjuna Capital increased its holdings in shares of State Street by 0.4% in the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after acquiring an additional 95 shares during the period. CX Institutional increased its holdings in shares of State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after acquiring an additional 98 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its position in State Street by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the 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 completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford 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 completion of the transaction, 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 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 quarter, insiders sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is owned by company insiders.

Analysts Set New Price Targets

STT has been the topic of several research reports. UBS Group set a $176.00 price objective on shares of State Street in a research report on Friday, June 26th. Barclays upped their target price on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Morgan Stanley increased their target price on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. boosted their price target on State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and an average price target of $185.38.

State Street Stock Down 0.5%

Shares of NYSE:STT opened at $192.03 on Wednesday. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.18. 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 firm’s 50-day simple moving average is $178.87 and its 200-day simple moving average is $152.80. The company has a market cap of $52.75 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the company posted $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, equities research 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. Shareholders of record on Thursday, October 1st will be given a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 1.9%. State Street’s dividend payout ratio (DPR) is currently 29.63%.

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.