Ibex Wealth Advisors Acquires New Position in State Street Corporation $STT

Ibex Wealth Advisors bought a new position in shares of State Street Corporation (NYSE:STT) during the 1st quarter, HoldingsChannel.com reports. The fund bought 5,076 shares of the asset manager’s stock, valued at approximately $642,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Wilkerson Advisory Group LLC acquired a new position in shares of State Street in the fourth quarter worth $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street during the fourth quarter worth $30,000. JPL Wealth Management LLC acquired a new stake in shares of State Street in the third quarter valued at $29,000. Reflection Asset Management acquired a new stake in shares of State Street in the fourth quarter valued at $35,000. Finally, Board of the Pension Protection Fund purchased a new position in State Street in the fourth quarter valued at $39,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

Shares of NYSE STT opened at $180.47 on Friday. The stock’s 50-day simple moving average is $162.52 and its 200-day simple moving average is $142.28. The firm has a market capitalization of $49.95 billion, a PE ratio of 18.30, a price-to-earnings-growth ratio of 0.93 and a beta of 1.42. State Street Corporation has a fifty-two week low of $101.98 and a fifty-two week high of $183.32. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT) last announced 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. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.04 earnings per share. As a group, equities research analysts forecast that State Street Corporation will post 12.75 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.84 per share. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 1.9%. State Street’s payout ratio is 34.08%.

Analysts Set New Price Targets

Several research firms recently commented on STT. Morgan Stanley boosted their target price on State Street from $166.00 to $183.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. The Goldman Sachs Group increased their price target on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Royal Bank Of Canada lifted their price objective on State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a research note on Monday, April 20th. Evercore set a $186.00 price objective on State Street and gave the stock an “outperform” rating in a research report on Monday. Finally, UBS Group set a $176.00 target price on shares of State Street in a research note on Friday, June 26th. One 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’s stock. According to data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $173.91.

State Street News Roundup

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was upgraded to a Zacks Rank #2 (Buy), reflecting stronger earnings outlooks and improving sentiment heading into earnings. All You Need to Know About State Street (STT) Rating Upgrade to Buy
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on State Street to $195 from $175 and maintained an outperform rating, suggesting meaningful upside from recent levels. State Street (NYSE:STT) Given New $195.00 Price Target at Keefe, Bruyette & Woods
• Positive Sentiment: Analysts are revising expectations higher ahead of Q2 results, with consensus pointing to earnings growth and the possibility of a beat if State Street delivers on estimates. Top Wall Street Forecasters Revamp State Street Expectations Ahead Of Q2 Earnings
• Neutral Sentiment: State Street is expected to report quarterly earnings next week, and investors are focused on whether the company can confirm the improved outlook with actual results. State Street (STT) to Release Earnings on Thursday
• Neutral Sentiment: Coverage noting renewed analyst optimism and upgraded estimates may reinforce the bullish setup, but it does not add new company-specific fundamentals by itself. How Investors May Respond To State Street (STT) Renewed Analyst Optimism And Upgraded Earnings Estimates

Insider Transactions at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the transaction, the chief executive officer owned 255,512 shares in the company, valued at $39,693,789.20. This trade represents a 5.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available 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 State Street 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 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 37,876 shares of company stock valued at $5,866,583 over the last quarter. Company insiders own 0.27% of the company’s stock.

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.