Chase Investment Counsel Corp Buys Shares of 45,522 State Street Corporation $STT

Chase Investment Counsel Corp bought a new position in shares of State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 45,522 shares of the asset manager’s stock, valued at approximately $7,720,000. State Street comprises about 1.6% of Chase Investment Counsel Corp’s holdings, making the stock its 23rd biggest position.

Several other institutional investors also recently modified their holdings of STT. Wilkerson Advisory Group LLC acquired a new stake in shares of State Street during the 4th quarter valued at $29,000. JPL Wealth Management LLC bought a new stake in State Street during the 3rd quarter worth $29,000. Phillip James Consulting Co. acquired a new position in State Street in the 4th quarter worth about $30,000. Elevation Wealth Partners LLC increased its holdings in State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Finally, Kelleher Financial Advisors bought a new position in State Street in the second quarter valued at about $33,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Trading Up 0.1%

NYSE STT opened at $191.92 on Monday. The firm has a market capitalization of $52.72 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The business’s 50-day moving average price is $177.65 and its two-hundred day moving average price is $151.88. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $192.51.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 15.26% and a net margin of 15.02%.The firm’s revenue was up 23.3% compared to the same quarter last year. During the same period last year, the company earned $2.04 earnings per share. On average, analysts expect 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. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 1.9%. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is 29.63%.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of recent research reports. 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 research note on Tuesday, June 30th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Royal Bank Of Canada lifted their target price on shares of State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research report on Friday, July 17th. Barclays boosted their target price on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Finally, Evercore set a $200.00 price target on shares of State Street in a research report on Monday, July 20th. 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 stock. According to data from MarketBeat, State Street has an average rating of “Moderate Buy” and a consensus target price of $185.38.

Insiders Place Their Bets

In other news, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction on 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is currently owned by insiders.

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.