First Trust Advisors LP Increases Holdings in State Street Corp (STT)

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First Trust Advisors LP raised its holdings in shares of State Street Corp (NYSE:STT) by 3.7% in the 2nd quarter, Holdings Channel reports. The firm owned 135,276 shares of the asset manager’s stock after buying an additional 4,819 shares during the period. First Trust Advisors LP’s holdings in State Street were worth $12,593,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the business. Motco lifted its holdings in shares of State Street by 246.8% during the first quarter. Motco now owns 1,068 shares of the asset manager’s stock worth $107,000 after buying an additional 760 shares in the last quarter. Delta Asset Management LLC TN acquired a new stake in shares of State Street during the second quarter worth $142,000. Adviser Investments LLC acquired a new stake in shares of State Street during the first quarter worth $145,000. Signaturefd LLC acquired a new stake in shares of State Street during the first quarter worth $160,000. Finally, Institutional & Family Asset Management LLC acquired a new stake in shares of State Street during the first quarter worth $162,000. 87.48% of the stock is owned by institutional investors and hedge funds.

In other State Street news, insider Jeff D. Conway sold 343 shares of State Street stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $83.16, for a total value of $28,523.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joseph L. Hooley sold 25,000 shares of State Street stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $83.01, for a total value of $2,075,250.00. The disclosure for this sale can be found here. Insiders sold 26,954 shares of company stock worth $2,237,777 in the last 90 days. 0.40% of the stock is owned by company insiders.

Shares of NYSE STT opened at $85.37 on Tuesday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.54. State Street Corp has a 52 week low of $82.43 and a 52 week high of $114.27. The firm has a market capitalization of $30.73 billion, a P/E ratio of 14.42, a P/E/G ratio of 0.86 and a beta of 1.22.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, July 20th. The asset manager reported $1.88 EPS for the quarter, missing the Zacks’ consensus estimate of $2.01 by ($0.13). State Street had a return on equity of 14.98% and a net margin of 19.56%. The company had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the business posted $1.67 EPS. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. equities analysts anticipate that State Street Corp will post 7.65 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Monday, October 1st will be given a $0.47 dividend. The ex-dividend date is Friday, September 28th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.20%. This is a boost from State Street’s previous quarterly dividend of $0.42. State Street’s dividend payout ratio (DPR) is presently 28.19%.

A number of equities research analysts have recently weighed in on STT shares. Deutsche Bank dropped their target price on State Street from $116.00 to $115.00 and set a “buy” rating for the company in a report on Friday, June 29th. Sandler O’Neill reissued a “hold” rating on shares of State Street in a report on Friday, July 13th. Zacks Investment Research raised State Street from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a report on Thursday, May 3rd. Keefe, Bruyette & Woods downgraded State Street from an “outperform” rating to a “market perform” rating and set a $91.00 target price for the company. in a report on Thursday, August 2nd. Finally, ValuEngine downgraded State Street from a “sell” rating to a “strong sell” rating in a report on Friday, August 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $105.29.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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