B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund Buys New Stake in State Street Corp (STT)

B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund bought a new position in State Street Corp (NYSE:STT) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 3,154 shares of the asset manager’s stock, valued at approximately $294,000.

Other large investors have also recently added to or reduced their stakes in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new stake in State Street in the 2nd quarter worth approximately $109,000. Adviser Investments LLC bought a new stake in State Street in the 1st quarter worth approximately $145,000. Delta Asset Management LLC TN bought a new stake in State Street in the 2nd quarter worth approximately $142,000. Signaturefd LLC bought a new stake in State Street in the 1st quarter worth approximately $160,000. Finally, Institutional & Family Asset Management LLC bought a new stake in State Street in the 1st quarter worth approximately $162,000. Institutional investors own 86.64% of the company’s stock.

Shares of State Street stock opened at $87.29 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization of $31.66 billion, a price-to-earnings ratio of 14.65, a P/E/G ratio of 1.04 and a beta of 1.19. State Street Corp has a one year low of $82.43 and a one year high of $114.27.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, July 20th. The asset manager reported $1.88 EPS for the quarter, missing the Zacks’ consensus estimate of $2.01 by ($0.13). State Street had a return on equity of 14.98% and a net margin of 19.56%. The company had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same period last year, the firm earned $1.67 earnings per share. State Street’s revenue for the quarter was up 7.7% on a year-over-year basis. equities analysts expect that State Street Corp will post 7.66 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Monday, October 1st will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, September 28th. This is a boost from State Street’s previous quarterly dividend of $0.42. This represents a $1.88 annualized dividend and a dividend yield of 2.15%. State Street’s payout ratio is 28.19%.

In other news, insider Jeff D. Conway sold 343 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $83.16, for a total transaction of $28,523.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP George E. Sullivan sold 1,611 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $83.18, for a total value of $134,002.98. Following the transaction, the executive vice president now directly owns 58,847 shares in the company, valued at $4,894,893.46. The disclosure for this sale can be found here. Insiders have sold 26,954 shares of company stock worth $2,237,777 over the last three months. Insiders own 0.40% of the company’s stock.

STT has been the subject of a number of recent research reports. Credit Suisse Group dropped their target price on State Street from $110.00 to $103.00 and set a “$87.02” rating for the company in a research report on Monday, July 23rd. Barclays decreased their price target on State Street from $120.00 to $110.00 and set a “$87.02” rating on the stock in a research note on Monday, July 23rd. Zacks Investment Research raised State Street from a “hold” rating to a “buy” rating and set a $106.00 price target on the stock in a research note on Wednesday, May 30th. Deutsche Bank decreased their price target on State Street from $116.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, June 29th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $100.00 price target on shares of State Street in a research note on Monday, July 23rd. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $105.71.

About State Street

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; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

Further Reading: Growth Stocks

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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