Empowered Funds LLC Buys New Shares in State Street Corporation $STT

Empowered Funds LLC purchased a new position in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 90,136 shares of the asset manager’s stock, valued at approximately $15,211,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of State Street in the second quarter valued at $4,139,389,000. Regents of The University of California raised its holdings in shares of 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 acquiring an additional 1,358,923 shares during the period. Morgan Stanley lifted its holdings in shares of State Street by 9.0% during the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after buying an additional 433,201 shares during the last quarter. Victory Capital Management Inc. increased its position in State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after acquiring an additional 1,074,174 shares during the period. Finally, Franklin Resources Inc. boosted its position in State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after buying an additional 67,309 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

STT has been the topic of a number of research analyst reports. Citigroup increased their price target on State Street from $193.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, July 17th. Barclays upped their price target on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a report on Friday, July 17th. Bank of America lifted their price objective on State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. The Goldman Sachs Group raised their price objective on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, Truist Financial restated a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $185.38.

Insider Buying and Selling

In related news, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction on 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 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 transaction, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 25,811 shares of company stock valued at $4,723,982 over the last ninety days. Company insiders own 0.27% of the company’s stock.

State Street Stock Performance

Shares of State Street stock opened at $193.42 on Friday. 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 company has a market capitalization of $53.13 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 0.80 and a beta of 1.41. The stock’s fifty day moving average is $182.46 and its two-hundred day moving average is $155.95. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.93.

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

State Street Increases Dividend

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

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.