31,354 Shares in State Street Corporation $STT Acquired by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. purchased a new position in State Street Corporation (NYSE:STT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,354 shares of the asset manager’s stock, valued at approximately $4,045,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of STT. True Wealth Design LLC grew its position in shares of State Street by 166.3% during the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after purchasing an additional 158 shares in the last quarter. JPL Wealth Management LLC purchased a new position in State Street in the 3rd quarter worth approximately $29,000. Flagship Wealth Advisors LLC bought a new position in State Street in the 3rd quarter worth approximately $35,000. Measured Wealth Private Client Group LLC bought a new position in State Street in the 3rd quarter worth approximately $35,000. Finally, SJS Investment Consulting Inc. grew its holdings in State Street by 2,142.9% during the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Up 0.1%

Shares of NYSE STT opened at $152.12 on Monday. State Street Corporation has a 1 year low of $89.19 and a 1 year high of $156.18. The firm has a 50-day simple moving average of $132.73 and a two-hundred day simple moving average of $127.35. The company has a market cap of $42.10 billion, a P/E ratio of 15.43, a PEG ratio of 0.83 and a beta of 1.45. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business’s revenue was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.04 earnings per share. Research analysts anticipate that State Street Corporation will post 12.31 earnings per share for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.2%. The ex-dividend date was Wednesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the sale, the executive vice president directly owned 43,522 shares of the company’s stock, valued at $6,697,600.58. The trade was a 6.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Plansky sold 16,100 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the sale, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 28,711 shares of company stock valued at $3,933,032 in the last ninety days. Corporate insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on STT shares. TD Cowen reiterated a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Seaport Research Partners reissued a “buy” rating and set a $170.00 price target on shares of State Street in a research note on Monday, April 20th. Finally, The Goldman Sachs Group raised their price target on State Street from $152.00 to $168.00 and gave the company a “buy” rating in a report on Monday, April 20th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $154.00.

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.