3,451 Shares in State Street Corporation $STT Purchased by Argus Investors Counsel Inc.

Argus Investors Counsel Inc. bought a new position in shares of State Street Corporation (NYSE:STT) during the 1st quarter, Holdings Channel reports. The firm bought 3,451 shares of the asset manager’s stock, valued at approximately $437,000.

A number of other hedge funds also recently added to or reduced their stakes in STT. Regents of The University of California increased its position 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 valued at $1,123,186,000 after buying an additional 5,908,370 shares in the last quarter. Morgan Stanley boosted its position in shares of State Street by 9.0% in the 4th quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after buying an additional 433,201 shares in the last quarter. Victory Capital Management Inc. grew its stake in State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after acquiring an additional 1,074,174 shares during the last quarter. Franklin Resources Inc. grew its stake in State Street by 1.7% in the 4th quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after acquiring an additional 67,309 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in State Street by 30.4% during the 4th quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock valued at $462,240,000 after acquiring an additional 835,331 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Down 0.1%

Shares of STT stock opened at $170.57 on Monday. The firm has a market cap of $47.21 billion, a P/E ratio of 17.30, a PEG ratio of 0.92 and a beta of 1.42. State Street Corporation has a 1-year low of $101.98 and a 1-year high of $175.46. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The firm’s 50-day simple moving average is $159.83 and its 200-day simple moving average is $140.59.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the business earned $2.04 earnings per share. The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, equities analysts forecast that State Street Corporation will post 12.53 EPS for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio is currently 34.08%.

Wall Street Analyst Weigh In

STT has been the topic of several recent research reports. Citigroup upped their price target on shares of State Street from $172.00 to $193.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Morgan Stanley raised their price objective on shares of State Street from $166.00 to $183.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Argus lifted their price objective on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. JPMorgan Chase & Co. upped their target price on State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a research note on Monday, May 11th. Finally, Evercore set a $158.00 target price on State Street and gave the company an “outperform” rating in a report on Monday, April 20th. One equities research analyst has 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, the company presently has an average rating of “Moderate Buy” and an average price target of $166.84.

Insider Buying and Selling

In other news, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the sale, the executive vice president owned 59,552 shares in the company, valued at approximately $9,251,403.20. This trade represents a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a filing 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, COO Mostapha Tahiri sold 9,611 shares of the firm’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the sale, the chief operating officer owned 64,642 shares in the company, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is owned by company insiders.

State Street 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.