DGS Capital Management LLC Grows Stake in State Street Corporation $STT

DGS Capital Management LLC grew its stake in shares of State Street Corporation (NYSE:STT) by 25.3% in the 1st quarter, Holdings Channel.com reports. The fund owned 16,611 shares of the asset manager’s stock after acquiring an additional 3,356 shares during the period. DGS Capital Management LLC’s holdings in State Street were worth $2,102,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Nordea Investment Management AB raised its holdings in State Street by 15.4% in the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after acquiring an additional 377,568 shares during the last quarter. Clean Yield Group boosted its stake in State Street by 8,247.4% during the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock valued at $2,477,000 after purchasing an additional 18,969 shares during the last quarter. Concurrent Investment Advisors LLC bought a new stake in shares of State Street in the 4th quarter worth $1,959,000. Heritage Family Offices LLP bought a new stake in shares of State Street in the 4th quarter worth $1,220,000. Finally, IFM Investors Pty Ltd raised its stake in shares of State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after purchasing an additional 7,469 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on STT shares. Argus increased their price objective on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. The Goldman Sachs Group boosted their target price on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Seaport Research Partners restated a “buy” rating and set a $170.00 target price on shares of State Street in a research note on Monday, April 20th. Keefe, Bruyette & Woods raised their price target on shares of State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Finally, Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $166.84.

State Street Stock Down 0.1%

STT stock opened at $170.57 on Monday. State Street Corporation has a fifty-two week low of $101.98 and a fifty-two week high of $175.46. The business’s 50-day moving average is $159.83 and its two-hundred day moving average is $140.59. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The company has a market cap of $47.21 billion, a price-to-earnings ratio of 17.30, a P/E/G ratio of 0.92 and a beta of 1.42.

State Street (NYSE:STT) last released 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 business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the company posted $2.04 EPS. The business’s quarterly revenue was up 15.6% compared to the same quarter last year. As a group, analysts forecast that State Street Corporation will post 12.53 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Insider Buying and Selling at State Street

In other State Street news, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the sale, the executive vice president directly owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The sale was disclosed in a filing 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, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This represents 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 have sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is owned by corporate insiders.

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.