Jones Financial Companies Lllp Acquires New Position in State Street Corporation $STT

Jones Financial Companies Lllp acquired a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 7,244 shares of the asset manager’s stock, valued at approximately $1,229,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STT. Western Wealth Management LLC boosted its stake 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 buying an additional 60 shares in the last quarter. Chicago Partners Investment Group LLC raised its position in State Street by 1.6% in 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 in the last quarter. Arjuna Capital raised its position in State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after acquiring an additional 95 shares in the last quarter. CX Institutional lifted its holdings in State Street by 1.0% in the second 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 lifted its holdings in State Street by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Up 2.1%

Shares of STT stock opened at $191.00 on Tuesday. The stock has a market cap of $52.47 billion, a P/E ratio of 16.84, a P/E/G ratio of 0.77 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. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.18. The business has a fifty day simple moving average of $180.59 and a 200-day simple moving average of $154.37.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.04 EPS. On average, analysts forecast that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date is Thursday, October 1st. This is an increase 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%. State Street’s dividend payout ratio (DPR) is presently 29.63%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on STT shares. Barclays upped their price target on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. boosted their price objective 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. Morgan Stanley upped their target price on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. UBS Group set a $176.00 target price on shares of State Street in a report on Friday, June 26th. Finally, Truist Financial reissued a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

Insider Buying and Selling at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, 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 at 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 State Street stock in a transaction that occurred 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 transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This represents a 16.39% 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 have sold 25,811 shares of company stock valued at $4,723,982 over the last quarter. Corporate 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.