Cerity Partners LLC Increases Holdings in State Street Corporation (NYSE:STT)

Cerity Partners LLC raised its stake in shares of State Street Corporation (NYSE:STT) by 16.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 74,248 shares of the asset manager’s stock after buying an additional 10,249 shares during the quarter. Cerity Partners LLC’s holdings in State Street were worth $6,647,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in STT. Principal Financial Group Inc. raised its stake in shares of State Street by 1.6% in the first quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager’s stock worth $30,387,000 after purchasing an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of State Street by 127.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager’s stock worth $2,728,000 after purchasing an additional 17,201 shares during the last quarter. Index Fund Advisors Inc. purchased a new position in shares of State Street in the first quarter worth $505,000. Bank of New York Mellon Corp raised its stake in shares of State Street by 6.0% in the first quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager’s stock worth $195,764,000 after purchasing an additional 123,259 shares during the last quarter. Finally, Pacific Heights Asset Management LLC raised its stake in shares of State Street by 9.1% in the first quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager’s stock worth $5,372,000 after purchasing an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

NYSE:STT opened at $102.06 on Wednesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. The business has a 50 day simple moving average of $100.48 and a 200-day simple moving average of $95.04. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $110.97. The firm has a market capitalization of $29.10 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.27 and a beta of 1.45.

State Street (NYSE:STT) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.79% and a net margin of 12.85%. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the prior year, the business posted $2.15 earnings per share. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. Equities analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were paid a $0.76 dividend. The ex-dividend date was Tuesday, July 1st. This represents a $3.04 annualized dividend and a yield of 2.98%. State Street’s dividend payout ratio (DPR) is currently 34.12%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on STT shares. Keefe, Bruyette & Woods reduced their price objective on State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. Morgan Stanley boosted their price target on State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Bank of America upped their price objective on State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 2nd. The Goldman Sachs Group upped their price objective on State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. Finally, Evercore ISI boosted their target price on State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $109.92.

Insider Transactions at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer owned 7,354 shares of the company’s stock, valued at $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by company insiders.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.