Man Group plc Buys Shares of 955,472 State Street Corporation $STT

Man Group plc purchased a new position in shares of State Street Corporation (NYSE:STT) in the second quarter, Holdings Channel reports. The fund purchased 955,472 shares of the asset manager’s stock, valued at approximately $162,048,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Bell Investment Advisors Inc acquired a new position in shares of State Street during the second quarter valued at $28,000. Wilkerson Advisory Group LLC acquired a new stake in State Street in the fourth quarter worth about $29,000. JPL Wealth Management LLC acquired a new stake in State Street in the third quarter worth about $29,000. Phillip James Consulting Co. bought a new position in State Street in the 4th quarter valued at about $30,000. Finally, Elevation Wealth Partners LLC grew its position in State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after buying an additional 106 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Price Performance

NYSE STT opened at $193.12 on Wednesday. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18. The stock’s 50-day moving average price is $181.03 and its two-hundred day moving average price is $154.80. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a market cap of $53.05 billion, a PE ratio of 17.03, a PEG ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion during 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 company’s revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the business posted $2.04 EPS. On average, analysts predict that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

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

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction 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. The trade was a 5.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $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 sold a total of 25,811 shares of company stock worth $4,723,982 in the last quarter. 0.27% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have commented on STT. UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. Barclays increased their price objective 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. Royal Bank Of Canada raised their price objective on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Finally, Bank of America increased their price target on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and an average target price of $185.38.

State Street Company 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.