UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 137,798 Shares of State Street Corporation $STT

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in State Street Corporation (NYSE:STT) by 4.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 2,962,274 shares of the asset manager’s stock after acquiring an additional 137,798 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in State Street were worth $502,402,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STT. IFM Investors Pty Ltd lifted its position in State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after purchasing an additional 7,469 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of State Street by 9.7% during the first quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock valued at $38,464,000 after buying an additional 26,862 shares during the period. SBI Okasan Asset Management Co.Ltd. bought a new position in shares of State Street in the 4th quarter worth approximately $935,000. Illinois Municipal Retirement Fund lifted its position in State Street by 18.3% during the first quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock valued at $10,856,000 after buying an additional 13,245 shares during the period. Finally, Global Retirement Partners LLC lifted its position in State Street by 476.7% during the 4th quarter. Global Retirement Partners LLC now owns 8,478 shares of the asset manager’s stock valued at $1,094,000 after acquiring an additional 7,008 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 25,811 shares of company stock valued at $4,723,982 in the last ninety days. 0.27% of the stock is currently owned by company insiders.

State Street Stock Performance

Shares of STT stock opened at $193.42 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a 50 day moving average price of $182.46 and a 200-day moving average price of $156.10. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.93. The firm has a market capitalization of $53.13 billion, a PE ratio of 17.06, a P/E/G ratio of 0.80 and a beta of 1.41.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm earned $2.04 earnings per share. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, equities research analysts expect that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders 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 dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is currently 29.63%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on STT shares. Royal Bank Of Canada increased their target price on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Barclays raised their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. The Goldman Sachs Group increased their price target on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Citigroup boosted their price objective on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, July 17th. Finally, Bank of America increased their target price on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

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.