Hennion & Walsh Asset Management Inc. Acquires 8,841 Shares of State Street Corporation $STT

Hennion & Walsh Asset Management Inc. increased its holdings in State Street Corporation (NYSE:STT) by 37.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,709 shares of the asset manager’s stock after purchasing an additional 8,841 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in State Street were worth $5,547,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Regents of The University of California raised its holdings in shares of State Street by 15.6% in the 1st quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after buying an additional 1,358,923 shares in the last quarter. Morgan Stanley grew its position in State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after acquiring an additional 433,201 shares during the period. Victory Capital Management Inc. grew its position in State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after acquiring an additional 1,074,174 shares during the period. Franklin Resources Inc. raised its stake in State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after acquiring an additional 67,309 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in State Street by 30.4% during the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock worth $462,240,000 after acquiring an additional 835,331 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% 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 dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 49,576 shares of company stock worth $8,415,875 over the last three months. 0.27% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on STT shares. JPMorgan Chase & Co. boosted their target price on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. Seaport Research Partners reissued a “buy” rating and set a $170.00 price target on shares of State Street in a report on Monday, April 20th. Wells Fargo & Company boosted their price target on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Truist Financial reaffirmed a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a report on Friday, July 17th. Finally, Morgan Stanley boosted their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Two research 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street Stock Down 0.1%

NYSE:STT opened at $184.46 on Monday. The company has a market cap of $50.67 billion, a price-to-earnings ratio of 16.27, a P/E/G ratio of 0.76 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The stock’s fifty day moving average price is $174.80 and its two-hundred day moving average price is $149.69. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $192.51.

State Street (NYSE:STT) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion during 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 revenue for the quarter was up 23.3% on a year-over-year basis. During the same period last year, the firm earned $2.04 EPS. On average, analysts anticipate 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. Investors of record on Thursday, October 1st will be issued a $0.92 dividend. This is a positive change 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 is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is 29.63%.

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.