Bull Harbor Capital LLC Purchases Shares of 2,808 State Street Corporation $STT

Bull Harbor Capital LLC bought a new stake in shares of State Street Corporation (NYSE:STT) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,808 shares of the asset manager’s stock, valued at approximately $355,000.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC acquired a new position in shares of State Street in the 4th quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after purchasing an additional 918 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC boosted its position in shares of State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after purchasing an additional 15,996 shares during the period. Finally, Woodline Partners LP increased its stake in State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after purchasing an additional 6,767 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Wells Fargo & Company boosted their target price on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. UBS Group set a $176.00 target price on State Street in a research report on Friday, June 26th. The Goldman Sachs Group lifted their price target on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Morgan Stanley upped their price target on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, State Street has an average rating of “Moderate Buy” and an average target price of $184.72.

Insider Activity at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 49,576 shares of company stock valued at $8,415,875 in the last three months. Corporate insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of NYSE:STT opened at $184.60 on Friday. The company has a market cap of $51.09 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 0.76 and a beta of 1.42. The business has a 50 day moving average price of $171.96 and a 200 day moving average price of $147.71. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $192.51.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period last year, the business posted $2.04 EPS. Research analysts predict that State Street Corporation will post 13.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given 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 2.0%. State Street’s dividend payout ratio is currently 29.63%.

State Street Company 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.