Chicago Partners Investment Group LLC Makes New Investment in State Street Corporation (NYSE:STT)

Chicago Partners Investment Group LLC purchased a new position in shares of State Street Corporation (NYSE:STT) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,272 shares of the asset manager’s stock, valued at approximately $208,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Pacific Financial bought a new position in shares of State Street in the first quarter valued at about $25,000. Larson Financial Group LLC raised its position in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares during the period. Coppell Advisory Solutions LLC raised its position in shares of State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after purchasing an additional 412 shares during the period. Golden State Wealth Management LLC raised its position in shares of State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 310 shares during the period. Finally, MV Capital Management Inc. raised its position in shares of State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock valued at $45,000 after purchasing an additional 251 shares during the period. 87.44% of the stock is owned by institutional investors.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

State Street Price Performance

NYSE:STT opened at $111.32 on Wednesday. The firm has a market cap of $31.58 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 1.21 and a beta of 1.48. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $114.28. The firm’s 50-day simple moving average is $106.03 and its 200 day simple moving average is $96.79.

State Street (NYSE:STT) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.15 earnings per share. As a group, sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is 34.04%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STT. Morgan Stanley increased their price objective on shares of State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Keefe, Bruyette & Woods dropped their price objective on shares of State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Bank of America increased their price objective on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Finally, Barclays lowered their price target on shares of State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, State Street currently has an average rating of “Hold” and a consensus price target of $112.00.

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.