Plato Investment Management Ltd Purchases New Position in State Street Corporation $STT

Plato Investment Management Ltd purchased a new stake in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 13,231 shares of the asset manager’s stock, valued at approximately $2,231,000.

A number of other large investors have also added to or reduced their stakes in STT. Western Wealth Management LLC grew its holdings in shares of State Street by 3.1% in the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock valued at $253,000 after purchasing an additional 60 shares in the last quarter. Chicago Partners Investment Group LLC increased its position in State Street by 1.6% in the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after purchasing an additional 83 shares during the last quarter. Arjuna Capital raised its stake in State Street by 0.4% during the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after purchasing an additional 95 shares in the last quarter. CX Institutional lifted its position in State Street by 1.0% during the second quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after purchasing an additional 98 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in State Street by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on STT. Seaport Research Partners restated a “buy” rating and issued a $170.00 target price on shares of State Street in a report on Monday, April 20th. UBS Group set a $176.00 price target on shares of State Street in a report on Friday, June 26th. Argus lifted their price target on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Truist Financial reissued a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Finally, Morgan Stanley upped their price objective on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Trading Up 0.9%

Shares of STT opened at $193.48 on Tuesday. The company’s fifty day simple moving average is $178.29 and its 200-day simple moving average is $152.35. The company has a market cap of $53.15 billion, a P/E ratio of 17.06, a P/E/G ratio of 0.79 and a beta of 1.41. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.04 EPS. As a group, analysts expect that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a yield of 1.9%. State Street’s payout ratio is 29.63%.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the 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 sale, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 49,576 shares of company stock worth $8,415,875 over the last 90 days. 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.