Korea Investment CORP Takes Position in State Street Corporation $STT

Korea Investment CORP purchased a new stake in State Street Corporation (NYSE:STT) during the second quarter, Holdings Channel reports. The institutional investor purchased 414,053 shares of the asset manager’s stock, valued at approximately $70,223,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STT. Western Wealth Management LLC lifted its holdings in State Street by 3.1% during 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 raised its position in shares of State Street by 1.6% during the 4th 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 lifted its stake in State Street by 0.4% in the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after buying an additional 95 shares in the last quarter. CX Institutional lifted its stake in State Street by 1.0% in the 2nd quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after buying an additional 98 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund boosted its holdings in State Street by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insiders Place Their Bets

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction 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 transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 49,576 shares of company stock valued at $8,415,875. Insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on STT shares. Royal Bank Of Canada boosted their price objective on State Street from $155.00 to $196.00 and gave the stock a “sector perform” rating in a research note on Friday, July 17th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Wells Fargo & Company boosted their price target on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Finally, Truist Financial reissued a “hold” rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $185.38.

State Street Trading Up 2.3%

STT opened at $187.22 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The company’s 50 day simple moving average is $180.11 and its two-hundred day simple moving average is $153.79. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $195.18. The firm has a market capitalization of $51.43 billion, a price-to-earnings ratio of 16.51, a price-to-earnings-growth ratio of 0.75 and a beta of 1.41.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The business’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 firm posted $2.04 EPS. Analysts expect that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The business 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 dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is an increase from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is presently 29.63%.

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.