OMERS ADMINISTRATION Corp Invests $3.77 Million in State Street Corporation $STT

OMERS ADMINISTRATION Corp acquired a new stake in State Street Corporation (NYSE:STT) during the second quarter, HoldingsChannel.com reports. The fund acquired 22,210 shares of the asset manager’s stock, valued at approximately $3,767,000.

Several other large investors also recently modified their holdings of the company. Western Wealth Management LLC lifted its holdings in State Street by 3.1% in the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock valued at $253,000 after buying an additional 60 shares during the period. Chicago Partners Investment Group LLC raised its position in shares of State Street by 1.6% in the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after acquiring an additional 83 shares in the last quarter. Arjuna Capital raised its position in shares of State Street by 0.4% in the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after acquiring an additional 95 shares in the last quarter. CX Institutional lifted its stake in shares of State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after purchasing an additional 98 shares during the period. Finally, Oregon Public Employees Retirement Fund lifted its stake in shares of State Street by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after purchasing an additional 100 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. UBS Group set a $176.00 price target on State Street in a research note on Friday, June 26th. The Goldman Sachs Group increased their price target on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Bank of America raised their price objective on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Finally, Royal Bank Of Canada lifted 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. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street Stock Performance

Shares of State Street stock opened at $193.12 on Wednesday. The business has a 50-day simple moving average of $181.03 and a 200 day simple moving average of $154.80. State Street Corporation has a one year low of $104.64 and a one year high of $195.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The firm has a market capitalization of $53.05 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the company earned $2.04 earnings per share. The company’s quarterly revenue was up 23.3% on a year-over-year basis. On average, research analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

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

Insider Buying and Selling

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 25,811 shares of company stock worth $4,723,982 in the last ninety days. Corporate insiders own 0.27% of the company’s stock.

State Street 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.