Oak Associates Ltd. OH Sells 7,324 Shares of State Street Corporation $STT

Oak Associates Ltd. OH trimmed its holdings in shares of State Street Corporation (NYSE:STT) by 10.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,793 shares of the asset manager’s stock after selling 7,324 shares during the quarter. Oak Associates Ltd. OH’s holdings in State Street were worth $8,074,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Regents of The University of California boosted its position in State Street by 211.2% in the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares during the last quarter. Norges Bank purchased a new stake in shares of State Street during the 4th quarter valued at $303,483,000. Pinebridge Investments LLC purchased a new stake in shares of State Street during the 4th quarter valued at $178,705,000. Victory Capital Management Inc. raised its stake in shares of State Street by 30.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after purchasing an additional 1,074,174 shares during the period. Finally, Two Sigma Investments LP raised its stake in shares of State Street by 261.0% during the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after purchasing an additional 880,507 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on STT shares. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Seaport Research Partners reaffirmed a “buy” rating and issued a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Keefe, Bruyette & Woods lifted their price objective on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Royal Bank Of Canada boosted their target price 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. Finally, Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.72.

Insider Activity

In related news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP W. Bradford Hu sold 9,212 shares of State Street stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the transaction, the executive vice president owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This represents a 13.40% 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 a total of 25,265 shares of company stock valued at $3,935,103 over the last quarter. Company insiders own 0.27% of the company’s stock.

State Street Stock Down 0.6%

STT stock opened at $184.10 on Friday. The stock has a fifty day moving average of $168.41 and a 200-day moving average of $145.71. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $192.51. The company has a market capitalization of $50.95 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 0.77 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.04 EPS. As a group, equities research analysts predict that State Street Corporation will post 13.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid 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 dividend yield of 2.0%. State Street’s dividend payout ratio is 29.63%.

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.