Madison Asset Management LLC Purchases New Position in State Street Corporation $STT

Madison Asset Management LLC acquired a new position in State Street Corporation (NYSE:STT) in the 2nd quarter, HoldingsChannel.com reports. The fund acquired 5,538 shares of the asset manager’s stock, valued at approximately $939,000.

Other hedge funds have also bought and sold shares of the company. Bell Investment Advisors Inc purchased a new position in shares of State Street in the second quarter valued at $28,000. Elevation Wealth Partners LLC lifted its holdings in State Street by 153.6% during 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 in the last quarter. Kelleher Financial Advisors purchased a new stake in State Street during the 2nd quarter worth about $33,000. Wilkerson Advisory Group LLC bought a new position in State Street in the 4th quarter worth about $29,000. Finally, Phillip James Consulting Co. bought a new position in State Street in the 4th quarter worth about $30,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the business’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 value of $2,680,226.01. Following the completion of the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 49,576 shares of company stock valued at $8,415,875 over the last three months. 0.27% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

STT has been the subject of a number of recent analyst reports. Royal Bank Of Canada upped their price target on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research report on Friday, July 17th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. UBS Group set a $176.00 target price on shares of State Street in a report on Friday, June 26th. Finally, Wells Fargo & Company increased their target price on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $185.38.

State Street Price Performance

Shares of NYSE STT opened at $187.22 on Friday. The firm has a market capitalization of $51.43 billion, a P/E ratio of 16.51, a P/E/G ratio of 0.75 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock’s 50-day simple moving average is $180.11 and its two-hundred day simple moving average is $153.79. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18.

State Street (NYSE:STT) last released its quarterly earnings results 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 firm had revenue of $4.05 billion for 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%.The company’s revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.04 EPS. As a group, equities analysts anticipate that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced 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 is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is 29.63%.

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.