Flputnam Investment Management Co. Purchases New Position in State Street Corporation $STT

Flputnam Investment Management Co. purchased a new stake in shares of State Street Corporation (NYSE:STT) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 35,791 shares of the asset manager’s stock, valued at approximately $6,070,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Elevation Wealth Partners LLC lifted its holdings in shares of State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 106 shares in the last quarter. Kelleher Financial Advisors bought a new stake in State Street during the second quarter worth $33,000. Wilkerson Advisory Group LLC bought a new stake in State Street during the fourth quarter worth $29,000. Phillip James Consulting Co. purchased a new stake in State Street in the 4th quarter valued at $30,000. Finally, JPL Wealth Management LLC purchased a new stake in State Street in the 3rd quarter valued at $29,000. 87.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Morgan Stanley upped their target price on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Evercore set a $200.00 target price on shares of State Street in a report on Monday, July 20th. UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. Finally, JPMorgan Chase & Co. upped their price objective on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Price Performance

Shares of NYSE STT opened at $191.92 on Monday. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock has a fifty day simple moving average of $177.65 and a two-hundred day simple moving average of $151.88. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $192.51. The firm has a market cap of $52.72 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the company posted $2.04 earnings per share. The business’s revenue was up 23.3% on a year-over-year basis. Analysts anticipate that State Street Corporation will post 13.75 earnings per share for the current year.

State Street Increases Dividend

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

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the 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 owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 49,576 shares of company stock worth $8,415,875. Company insiders own 0.27% of the company’s stock.

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.