Sanctuary Advisors LLC Acquires Shares of 23,348 State Street Corporation $STT

Sanctuary Advisors LLC bought a new position in State Street Corporation (NYSE:STT) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 23,348 shares of the asset manager’s stock, valued at approximately $3,960,000.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in State Street during the second quarter valued at about $4,139,389,000. Regents of The University of California increased its stake in shares of State Street by 211.2% in the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Norges Bank purchased a new position in shares of State Street in the fourth quarter worth about $303,483,000. Bank of New York Mellon Corp bought a new stake in shares of State Street in the second quarter valued at approximately $301,393,000. Finally, Pinebridge Investments LLC bought a new stake in shares of State Street in the fourth quarter valued at approximately $178,705,000. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Performance

State Street stock opened at $193.12 on Wednesday. The firm’s 50 day simple moving average is $181.03 and its 200 day simple moving average is $154.80. 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 firm has a market capitalization of $53.05 billion, a PE ratio of 17.03, a price-to-earnings-growth 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.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period last year, the firm earned $2.04 EPS. As a group, analysts expect that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is 29.63%.

Analyst Upgrades and Downgrades

STT has been the subject of several analyst reports. The Goldman Sachs Group raised their price objective 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. Citigroup increased their target price on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. UBS Group set a $176.00 price target on State Street in a report on Friday, June 26th. Bank of America lifted their price target on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Finally, Wells Fargo & Company boosted their price objective on State Street from $196.00 to $215.00 and gave the company 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 issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $185.38.

Insider Activity at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 company’s stock in a transaction dated Monday, June 8th. The stock was 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 $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 25,811 shares of company stock valued at $4,723,982. Company insiders own 0.27% of the company’s stock.

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.