iA Global Asset Management Inc. Purchases Shares of 10,655 State Street Corporation $STT

iA Global Asset Management Inc. purchased a new position in State Street Corporation (NYSE:STT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,655 shares of the asset manager’s stock, valued at approximately $1,236,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Strs Ohio increased its holdings in State Street by 31.1% during the 3rd quarter. Strs Ohio now owns 323,768 shares of the asset manager’s stock valued at $37,560,000 after purchasing an additional 76,830 shares during the period. Boston Common Asset Management LLC bought a new stake in shares of State Street in the 3rd quarter worth approximately $7,848,000. Rakuten Investment Management Inc. bought a new stake in shares of State Street in the 3rd quarter worth approximately $1,353,000. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of State Street by 1.3% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 313,843 shares of the asset manager’s stock valued at $36,409,000 after buying an additional 4,153 shares during the period. Finally, Chicago Partners Investment Group LLC increased its stake in shares of State Street by 49.4% during the third quarter. Chicago Partners Investment Group LLC now owns 5,268 shares of the asset manager’s stock valued at $625,000 after buying an additional 1,743 shares during the period. 87.44% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the sale, the executive vice president directly owned 38,626 shares of the company’s stock, valued at approximately $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on STT. Morgan Stanley cut their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a report on Tuesday. BMO Capital Markets assumed coverage on shares of State Street in a research report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Evercore ISI raised their price objective on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of State Street in a report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Trading Down 1.8%

NYSE:STT opened at $126.10 on Friday. The firm has a market capitalization of $35.22 billion, a P/E ratio of 13.40, a PEG ratio of 1.11 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. State Street Corporation has a one year low of $72.81 and a one year high of $137.05. The company’s 50-day simple moving average is $126.05 and its 200 day simple moving average is $117.80.

State Street (NYSE:STT) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter last year, the firm earned $2.60 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. As a group, analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were paid a dividend of $0.84 per share. The ex-dividend date was Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. State Street’s payout ratio is presently 35.71%.

State Street 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.