L. Roy Papp & Associates LLP Reduces Stock Position in State Street Corporation $STT

L. Roy Papp & Associates LLP cut its holdings in shares of State Street Corporation (NYSE:STT) by 5.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,231 shares of the asset manager’s stock after selling 645 shares during the quarter. L. Roy Papp & Associates LLP’s holdings in State Street were worth $1,301,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Commerzbank Aktiengesellschaft FI increased its holdings in State Street by 16.1% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 23,046 shares of the asset manager’s stock worth $2,451,000 after purchasing an additional 3,198 shares during the last quarter. Ramirez Asset Management Inc. increased its holdings in State Street by 37.0% during the 2nd quarter. Ramirez Asset Management Inc. now owns 4,597 shares of the asset manager’s stock worth $489,000 after purchasing an additional 1,242 shares during the last quarter. Callan Family Office LLC increased its holdings in State Street by 81.4% during the 2nd quarter. Callan Family Office LLC now owns 49,715 shares of the asset manager’s stock worth $5,287,000 after purchasing an additional 22,309 shares during the last quarter. US Bancorp DE increased its holdings in State Street by 0.8% during the 2nd quarter. US Bancorp DE now owns 98,680 shares of the asset manager’s stock worth $10,494,000 after purchasing an additional 786 shares during the last quarter. Finally, Columbus Macro LLC increased its holdings in State Street by 0.8% during the 2nd quarter. Columbus Macro LLC now owns 23,811 shares of the asset manager’s stock worth $2,532,000 after purchasing an additional 192 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Up 0.5%

NYSE:STT opened at $117.24 on Friday. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $118.24. The firm has a market capitalization of $33.26 billion, a P/E ratio of 13.13, a P/E/G ratio of 1.20 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The business has a 50 day simple moving average of $113.18 and a 200 day simple moving average of $102.09.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the previous year, the firm posted $2.15 EPS. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. Equities research analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s payout ratio is presently 37.63%.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on STT shares. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $115.00 to $130.00 in a report on Friday, September 5th. Evercore ISI boosted their price target on State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a report on Tuesday, September 30th. Wells Fargo & Company boosted their price target on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Morgan Stanley reiterated an “overweight” rating and issued a $162.00 price target on shares of State Street in a report on Monday, September 29th. Finally, Bank of America boosted their price target on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a report on Wednesday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and an average price target of $122.83.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.