Philadelphia Financial Management of San Francisco LLC Invests $7.89 Million in State Street Corporation $STT

Philadelphia Financial Management of San Francisco LLC acquired a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 46,550 shares of the asset manager’s stock, valued at approximately $7,894,880. State Street makes up about 0.0% of Philadelphia Financial Management of San Francisco LLC’s holdings, making the stock its 23rd biggest position.

Several other large investors have also added to or reduced their stakes in STT. IFM Investors Pty Ltd raised its holdings in shares of State Street by 9.7% during the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after acquiring an additional 7,469 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of State Street in the fourth quarter valued at approximately $1,959,000. New York State Teachers Retirement System increased its stake in shares of State Street by 9.7% during the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock worth $38,464,000 after buying an additional 26,862 shares during the period. SBI Okasan Asset Management Co.Ltd. acquired a new stake in State Street in the fourth quarter valued at about $935,000. Finally, Illinois Municipal Retirement Fund grew its holdings in State Street by 18.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock valued at $10,856,000 after buying an additional 13,245 shares during the period. Institutional investors own 87.44% of the company’s stock.

State Street Price Performance

State Street stock traded up $0.05 during mid-day trading on Friday, reaching $193.42. The company had a trading volume of 627,396 shares, compared to its average volume of 2,124,717. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.93. The business has a fifty day simple moving average of $181.97 and a 200 day simple moving average of $155.68. The company has a market cap of $53.13 billion, a P/E ratio of 17.06, a P/E/G ratio of 0.80 and a beta of 1.41.

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

State Street Increases Dividend

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

Insider Transactions at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was 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 $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 25,811 shares of company stock valued at $4,723,982. Company insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

STT has been the subject of a number of recent analyst reports. Barclays upped their target price on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Keefe, Bruyette & Woods boosted their price objective on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. UBS Group set a $176.00 price objective on shares of State Street in a research report on Friday, June 26th. Truist Financial reissued a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Finally, Citigroup upped their price target on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. 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 company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

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.