Oak Thistle LLC Invests $842,000 in State Street Corporation $STT

Oak Thistle LLC purchased a new stake in State Street Corporation (NYSE:STT) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,260 shares of the asset manager’s stock, valued at approximately $842,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Capital Analysts LLC raised its stake in State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the period. AlphaCore Capital LLC boosted its position in shares of State Street by 103.5% in the second quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock worth $50,000 after buying an additional 238 shares during the period. Elevation Point Wealth Partners LLC purchased a new position in shares of State Street during the second quarter valued at $52,000. CVA Family Office LLC raised its position in State Street by 45.8% during the second quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock valued at $60,000 after buying an additional 176 shares during the period. Finally, Soundwatch Capital LLC acquired a new position in State Street during the second quarter valued at $76,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares in the company, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.29% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on STT. TD Cowen initiated coverage on State Street in a research report on Thursday, September 25th. They set a “buy” rating for the company. Wells Fargo & Company increased their price target on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research note on Wednesday, October 8th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $168.00 target price on shares of State Street in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $126.17.

State Street Trading Up 0.0%

Shares of NYSE STT opened at $127.40 on Friday. The business has a 50 day simple moving average of $118.46 and a 200 day simple moving average of $112.46. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $131.36. The stock has a market cap of $35.58 billion, a price-to-earnings ratio of 13.48, a PEG ratio of 1.18 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.59 and a current ratio of 0.59.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.21. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The company’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same quarter last year, the firm earned $2.26 earnings per share. On average, research analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 12th. Investors of record on Friday, January 2nd will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Friday, January 2nd. State Street’s payout ratio is presently 35.56%.

About State Street

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.