Keebeck Wealth Management Takes Position in State Street Corporation $STT

Keebeck Wealth Management acquired a new position in shares of State Street Corporation (NYSE:STT) in the second quarter, HoldingsChannel reports. The fund acquired 27,079 shares of the asset manager’s stock, valued at approximately $4,593,000.

Several other large investors have also made changes to their positions in STT. Bell Investment Advisors Inc acquired a new position in State Street in the second quarter valued at $28,000. Wilkerson Advisory Group LLC acquired a new stake in State Street during the fourth quarter worth about $29,000. JPL Wealth Management LLC acquired a new stake in State Street during the third quarter worth about $29,000. Phillip James Consulting Co. purchased a new position in shares of State Street in the 4th quarter worth about $30,000. Finally, Elevation Wealth Partners LLC raised its holdings in shares of 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 during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

STT stock opened at $187.22 on Friday. 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 1 year low of $104.64 and a 1 year high of $195.18. The firm has a market cap of $51.43 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 0.75 and a beta of 1.41. The stock has a 50-day simple moving average of $180.11 and a 200-day simple moving average of $153.79.

State Street (NYSE:STT) last announced 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 business had revenue of $4.05 billion for 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 company’s revenue was up 23.3% on a year-over-year basis. During the same period last year, the business posted $2.04 EPS. On average, equities analysts predict that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 2.0%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is 29.63%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on STT. Bank of America boosted their target price on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a report on Tuesday, July 7th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Keefe, Bruyette & Woods lifted their price target on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Morgan Stanley boosted their price objective 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. Finally, JPMorgan Chase & Co. increased 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 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 MarketBeat, State Street presently has an average rating of “Moderate Buy” and an average target price of $185.38.

Insider Activity

In other news, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction on 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 transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,576 shares of company stock worth $8,415,875 over the last 90 days. 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.