Stonebridge Capital Management Inc. Makes New $1.21 Million Investment in State Street Corporation $STT

Stonebridge Capital Management Inc. acquired a new stake in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,160 shares of the asset manager’s stock, valued at approximately $1,214,000.

A number of other institutional investors also recently modified their holdings of the company. Philadelphia Investment Partners LLC acquired a new position in shares of State Street during the second quarter valued at about $26,000. Bell Investment Advisors Inc bought a new position in State Street in the 2nd quarter valued at about $28,000. Wilkerson Advisory Group LLC bought a new position in State Street in the 4th quarter valued at about $29,000. JPL Wealth Management LLC acquired a new position in State Street during the 3rd quarter valued at about $29,000. Finally, Phillip James Consulting Co. bought a new stake in State Street during the 4th quarter worth approximately $30,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

Shares of NYSE:STT opened at $193.61 on Thursday. The company has a market capitalization of $53.18 billion, a P/E ratio of 17.07, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The company’s 50-day moving average is $181.47 and its 200 day moving average is $155.25. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.18.

State Street (NYSE:STT) last posted 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 business 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 firm’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.04 earnings per share. On average, equities research analysts forecast that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is 29.63%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on STT. Bank of America raised their target price on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Royal Bank Of Canada increased their price target on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research report on Friday, July 17th. Wells Fargo & Company lifted their price objective on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Barclays upped their target price on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Finally, Citigroup raised their price target on shares of State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

Insider Buying and Selling

In related news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 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 completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $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. In the last quarter, insiders have sold 25,811 shares of company stock valued at $4,723,982. 0.27% of the stock is owned by company insiders.

About State Street

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.