Ceredex Value Advisors LLC Invests $12.72 Million in State Street Corporation $STT

Ceredex Value Advisors LLC purchased a new stake in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 74,988 shares of the asset manager’s stock, valued at approximately $12,718,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of State Street during the 2nd quarter valued at $4,139,389,000. Regents of The University of California boosted its position in State Street by 15.6% during the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after purchasing an additional 1,358,923 shares during the last quarter. Morgan Stanley grew its position in State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after acquiring an additional 433,201 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after purchasing an additional 1,074,174 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of State Street by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock worth $506,534,000 after acquiring an additional 67,309 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insider Activity at State Street

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 49,576 shares of company stock worth $8,415,875. Corporate insiders own 0.27% of the company’s stock.

State Street Stock Down 1.3%

STT stock opened at $183.36 on Friday. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $195.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The business has a 50-day moving average of $179.71 and a 200-day moving average of $153.55. The stock has a market capitalization of $50.37 billion, a P/E ratio of 16.17, a P/E/G ratio of 0.76 and a beta of 1.41.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.State Street’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.04 EPS. On average, sell-side analysts anticipate 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 issued a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is currently 29.63%.

Analysts Set New Price Targets

A number of analysts have issued reports on STT shares. Keefe, Bruyette & Woods raised their target price on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Evercore set a $200.00 price objective on State Street in a research note on Monday, July 20th. JPMorgan Chase & Co. upped their target price on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Bank of America raised their price target on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. Finally, UBS Group set a $176.00 target price on shares of State Street in a research note on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Company 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.