NewEdge Advisors LLC Lowers Stock Holdings in State Street Corporation $STT

NewEdge Advisors LLC lessened its stake in State Street Corporation (NYSE:STT) by 10.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,102 shares of the asset manager’s stock after selling 3,255 shares during the period. NewEdge Advisors LLC’s holdings in State Street were worth $3,683,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in shares of State Street during the fourth quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in State Street by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after buying an additional 918 shares during the last quarter. Empowered Funds LLC raised its position in State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after buying an additional 15,996 shares during the last quarter. Woodline Partners LP lifted its stake in shares of State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after acquiring an additional 6,767 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of State Street by 36.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,067 shares of the asset manager’s stock worth $114,000 after acquiring an additional 283 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the company’s 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 transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 sale, the chief executive officer 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. 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. Insiders have sold 49,576 shares of company stock worth $8,415,875 over the last three months. 0.27% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on STT shares. UBS Group set a $176.00 price target on shares of State Street in a research note on Friday, June 26th. Wells Fargo & Company lifted their price objective on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Evercore set a $200.00 target price on State Street in a research report on Monday, July 20th. Citigroup increased their target price on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research note on Friday, July 17th. Finally, Argus raised their price target on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Trading Up 1.5%

NYSE:STT opened at $190.08 on Thursday. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $192.51. 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 stock has a fifty day simple moving average of $176.51 and a 200-day simple moving average of $150.98. The company has a market capitalization of $52.21 billion, a PE ratio of 16.76, a price-to-earnings-growth ratio of 0.77 and a beta of 1.41.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $3.88 billion. During the same period in the prior year, the company earned $2.04 EPS. The firm’s revenue was up 23.3% on a year-over-year basis. On average, equities research analysts expect that State Street Corporation will post 13.75 earnings per share for the current fiscal 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 issued 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 presently 29.63%.

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.