OFI Invest Asset Management Buys 423 Shares of State Street Corporation $STT

OFI Invest Asset Management grew its stake in State Street Corporation (NYSE:STT) by 58.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,150 shares of the asset manager’s stock after purchasing an additional 423 shares during the period. OFI Invest Asset Management’s holdings in State Street were worth $122,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Brighton Jones LLC bought a new position in State Street in the 4th quarter valued at $296,000. GAMMA Investing LLC grew its position in State Street by 14.7% in the 1st quarter. GAMMA Investing LLC now owns 3,674 shares of the asset manager’s stock valued at $329,000 after acquiring an additional 472 shares during the last quarter. Assenagon Asset Management S.A. grew its position in State Street by 10.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 11,400 shares of the asset manager’s stock valued at $1,021,000 after acquiring an additional 1,125 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in State Street by 58.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 52,383 shares of the asset manager’s stock valued at $4,690,000 after acquiring an additional 19,377 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its position in State Street by 15.1% in the 1st quarter. Exchange Traded Concepts LLC now owns 1,804 shares of the asset manager’s stock valued at $162,000 after acquiring an additional 237 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on STT. BMO Capital Markets began coverage on State Street in a research report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective on the stock. Citigroup raised State Street from a “neutral” rating to a “buy” rating and upped their price objective for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Bank of America raised their price objective on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a report on Wednesday, July 16th. Morgan Stanley reaffirmed an “overweight” rating and set a $162.00 target price on shares of State Street in a research report on Monday, September 29th. Finally, Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, State Street has an average rating of “Moderate Buy” and a consensus price target of $122.83.

State Street Trading Down 5.3%

Shares of NYSE STT opened at $111.03 on Monday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $113.23 and a two-hundred day simple moving average of $102.36. The firm has a market cap of $31.50 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $118.24.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same period last year, the business posted $2.15 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. Analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio (DPR) is 37.63%.

State Street Profile

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.