United Capital Financial Advisors LLC Takes Position in State Street Corporation $STT

United Capital Financial Advisors LLC acquired a new stake in shares of State Street Corporation (NYSE:STT) in the second quarter, HoldingsChannel reports. The institutional investor acquired 13,525 shares of the asset manager’s stock, valued at approximately $2,294,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in shares of State Street in the fourth quarter worth about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after purchasing an additional 918 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC increased its position in shares of State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after purchasing an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP raised its holdings in State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after buying an additional 6,767 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In related 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 stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 stock in a transaction that occurred on 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 directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 25,811 shares of company stock valued at $4,723,982. 0.27% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. The Goldman Sachs Group increased their target price on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Keefe, Bruyette & Woods lifted their price target on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. UBS Group set a $176.00 price target on shares of State Street in a report on Friday, June 26th. Finally, Barclays increased their price objective on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Stock Up 0.0%

Shares of STT opened at $193.42 on Friday. The firm has a fifty day moving average price of $182.46 and a 200-day moving average price of $155.95. 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 $53.13 billion, a P/E ratio of 17.06, a P/E/G ratio of 0.80 and a beta of 1.41. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.93.

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

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. This is an increase from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is currently 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.