65,396 Shares in State Street Corporation $STT Acquired by Basswood Capital Management L.L.C.

Basswood Capital Management L.L.C. acquired a new position in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 65,396 shares of the asset manager’s stock, valued at approximately $11,091,000.

Other large investors also recently added to or reduced their stakes in the company. Freestone Grove Partners LP purchased a new stake in shares of State Street in the second quarter valued at $14,205,000. Caisse de depot et placement du Quebec purchased a new position in shares of State Street during the second quarter valued at $132,249,000. Man Group plc purchased a new position in shares of State Street during the second quarter valued at $162,048,000. First Bancorp Inc ME acquired a new position in State Street during the second quarter valued at $93,000. Finally, Roberts Glore & Co. Inc. IL acquired a new position in State Street during the second quarter valued at $933,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on STT shares. Keefe, Bruyette & Woods raised their price objective on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Royal Bank Of Canada upped their target price on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a report on Friday, July 17th. Bank of America increased their price target on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. The Goldman Sachs Group raised their price target on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Finally, Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Two 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $185.38.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred 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 owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% 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. Over the last quarter, insiders have sold 25,811 shares of company stock worth $4,723,982. Insiders own 0.27% of the company’s stock.

State Street Price Performance

STT opened at $193.61 on Thursday. The stock has a market cap of $53.18 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 0.79 and a beta of 1.41. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18. 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 moving average price of $181.47 and a 200 day moving average price of $155.25.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping 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 company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the firm posted $2.04 EPS. The business’s revenue was up 23.3% compared to the same quarter last year. Analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared 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. 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 dividend payout ratio (DPR) is presently 29.63%.

State Street 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.