Global Retirement Partners LLC Buys 7,008 Shares of State Street Corporation $STT

Global Retirement Partners LLC raised its stake in State Street Corporation (NYSE:STT) by 476.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 8,478 shares of the asset manager’s stock after buying an additional 7,008 shares during the quarter. Global Retirement Partners LLC’s holdings in State Street were worth $1,094,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in STT. Franklin Resources Inc. grew its position in shares of State Street by 3.7% in the 3rd quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager’s stock worth $447,684,000 after buying an additional 137,049 shares during the last quarter. Nordea Investment Management AB lifted its position in State Street by 15.4% during the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock valued at $367,041,000 after acquiring an additional 377,568 shares during the last quarter. Regents of The University of California purchased a new stake in State Street during the third quarter valued at approximately $324,576,000. First Trust Advisors LP boosted its stake in State Street by 36.8% in the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after acquiring an additional 738,456 shares in the last quarter. Finally, Barclays PLC grew its holdings in State Street by 27.7% in the third quarter. Barclays PLC now owns 1,576,332 shares of the asset manager’s stock worth $182,870,000 after purchasing an additional 342,344 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Trading Up 0.0%

NYSE:STT opened at $153.96 on Tuesday. The company has a market capitalization of $42.61 billion, a P/E ratio of 15.61, a PEG ratio of 0.84 and a beta of 1.45. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12 month low of $94.19 and a 12 month high of $156.18. The firm has a fifty day simple moving average of $140.38 and a 200-day simple moving average of $131.20.

State Street (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter last year, the business posted $2.04 EPS. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. On average, equities research analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Insider Transactions at State Street

In related news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the sale, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares in the company, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,711 shares of company stock worth $3,933,032 over the last three months. 0.27% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Citigroup increased their price objective on State Street from $150.00 to $172.00 and gave the company a “buy” rating in a report on Friday, May 8th. Keefe, Bruyette & Woods boosted their target price on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Morgan Stanley upped their target price on State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a research report on Monday, April 20th. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price target for the company in a report on Monday, April 6th. Finally, Barclays set a $165.00 price target on State Street in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $155.77.

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.