Oppenheimer Asset Management Inc. Makes New $9.98 Million Investment in State Street Corporation $STT

Oppenheimer Asset Management Inc. purchased a new stake in shares of State Street Corporation (NYSE:STT) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 58,832 shares of the asset manager’s stock, valued at approximately $9,978,000.

Other large investors have also recently made changes to their positions in the company. Wilkerson Advisory Group LLC purchased a new stake in shares of State Street in the 4th quarter valued at $29,000. JPL Wealth Management LLC purchased a new position in State Street in the 3rd quarter worth $29,000. Phillip James Consulting Co. purchased a new position in State Street in the 4th quarter worth $30,000. Elevation Wealth Partners LLC lifted its stake in State Street by 153.6% in the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock worth $30,000 after purchasing an additional 106 shares during the last quarter. Finally, Whipplewood Advisors LLC bought a new stake in State Street in the first quarter worth $34,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

STT opened at $191.92 on Friday. 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 company has a market cap of $52.72 billion, a price-to-earnings ratio of 16.92, a price-to-earnings-growth ratio of 0.78 and a beta of 1.41. The stock has a fifty day simple moving average of $177.65 and a two-hundred day simple moving average of $151.71. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $192.51.

State Street (NYSE:STT) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 15.02% and a return on equity of 15.26%. The company’s quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.04 EPS. Research analysts predict 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. The ex-dividend date of this dividend is Thursday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 1.9%. State Street’s payout ratio is presently 32.45%.

Insider Buying and Selling

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’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 transaction of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,576 shares of company stock valued at $8,415,875 over the last quarter. Corporate insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on STT shares. Bank of America raised their price objective on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Citigroup boosted their target price on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Royal Bank Of Canada raised their price target on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research report on Friday, July 17th. Finally, Argus lifted their price target on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and an average target price of $185.38.

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.