State Street Corporation $STT Shares Acquired by Chase Investment Counsel Corp

Chase Investment Counsel Corp increased its position in State Street Corporation (NYSE:STT) by 6.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,897 shares of the asset manager’s stock after buying an additional 2,804 shares during the quarter. State Street comprises about 1.5% of Chase Investment Counsel Corp’s investment portfolio, making the stock its 23rd biggest position. Chase Investment Counsel Corp’s holdings in State Street were worth $5,555,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC increased its stake in State Street by 1.6% during the fourth 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 during the last quarter. Wedmont Private Capital lifted its stake in shares of State Street by 1.3% in the 4th quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock valued at $861,000 after purchasing an additional 85 shares in the last quarter. Arjuna Capital grew its holdings in shares of State Street by 0.4% during the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after purchasing an additional 95 shares during the period. LVW Advisors LLC grew its holdings in shares of State Street by 1.7% during the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock worth $723,000 after purchasing an additional 96 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its holdings in State Street by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Activity at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the sale, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president owned 41,827 shares in the company, valued at $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 sold a total of 25,265 shares of company stock valued at $3,935,103 over the last three months. 0.27% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on STT shares. Truist Financial reiterated a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Keefe, Bruyette & Woods raised their target price 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. Evercore set a $200.00 target price on shares of State Street in a report on Monday. Bank of America upped their price target 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, UBS Group set a $176.00 price target on State Street in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and an average price target of $184.72.

State Street Trading Up 0.4%

NYSE STT opened at $183.39 on Wednesday. The company has a market capitalization of $50.76 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 0.89 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $192.51. The company’s fifty day moving average price is $167.13 and its two-hundred day moving average price is $144.93.

State Street (NYSE:STT) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate 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 net margin of 15.02% and a return on equity of 15.26%. The company’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.04 EPS. As a group, research analysts predict that State Street Corporation will post 13.44 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. State Street’s payout ratio is 32.45%.

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.