Westpac Banking Corp Invests $7.31 Million in State Street Corporation $STT

Westpac Banking Corp purchased a new stake in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 43,096 shares of the asset manager’s stock, valued at approximately $7,309,000.

Other institutional investors also recently modified their holdings of the company. Bell Investment Advisors Inc bought a new position in State Street during the 2nd quarter valued at about $28,000. Elevation Wealth Partners LLC grew its stake in shares of State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after acquiring an additional 106 shares during the period. Keating Financial Advisory Services Inc. bought a new stake in shares of State Street in the second quarter worth approximately $33,000. Kelleher Financial Advisors purchased a new position in shares of State Street during the second quarter valued at approximately $33,000. Finally, Wilkerson Advisory Group LLC purchased a new position in shares of State Street during the fourth quarter valued at approximately $29,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The transaction 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, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,576 shares of company stock valued at $8,415,875 over the last 90 days. 0.27% of the stock is currently owned by corporate insiders.

State Street Stock Performance

Shares of STT opened at $187.22 on Friday. The business has a 50-day simple moving average of $180.11 and a two-hundred day simple moving average of $153.79. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.18. The stock has a market cap of $51.43 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 0.75 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The firm 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 business’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.04 EPS. On average, analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is presently 29.63%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on STT shares. Royal Bank Of Canada raised their target price on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a report on Friday, July 17th. Morgan Stanley boosted their target price on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Barclays raised their price target on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Finally, Keefe, Bruyette & Woods lifted their price objective on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus 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.