S&G Foundation Takes $4.37 Million Position in State Street Corporation $STT

S&G Foundation purchased a new stake in State Street Corporation (NYSE:STT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 25,773 shares of the asset manager’s stock, valued at approximately $4,371,000. State Street accounts for about 0.2% of S&G Foundation’s holdings, making the stock its 13th biggest holding.

Other institutional investors have also recently made changes to their positions in the company. IFM Investors Pty Ltd lifted its position in State Street by 9.7% in the 1st quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after acquiring an additional 7,469 shares in the last quarter. Concurrent Investment Advisors LLC bought a new stake in State Street in the 4th quarter worth about $1,959,000. New York State Teachers Retirement System grew its position in State Street by 9.7% in the 1st quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock worth $38,464,000 after purchasing an additional 26,862 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new stake in State Street in the 4th quarter valued at about $935,000. Finally, Illinois Municipal Retirement Fund increased its stake in State Street by 18.3% in the 1st quarter. Illinois Municipal Retirement Fund now owns 85,775 shares of the asset manager’s stock valued at $10,856,000 after buying an additional 13,245 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on STT shares. Royal Bank Of Canada boosted their target price 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. Truist Financial reaffirmed a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Wells Fargo & Company lifted their price target on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Finally, Keefe, Bruyette & Woods upped their price objective on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Price Performance

State Street stock opened at $187.22 on Friday. The firm has a market capitalization of $51.43 billion, a P/E ratio of 16.51, a PEG ratio of 0.77 and a beta of 1.41. State Street Corporation has a one year low of $104.64 and a one year high of $195.18. 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 business has a fifty day moving average price of $180.11 and a 200-day moving average price of $153.79.

State Street (NYSE:STT) last posted its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the firm posted $2.04 EPS. State Street’s revenue was up 23.3% on a year-over-year basis. As a group, equities research analysts forecast that State Street Corporation will post 13.75 EPS for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This is an increase from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s dividend payout ratio (DPR) is presently 29.63%.

Insider Transactions at State Street

In related news, 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 transaction of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is currently owned by company insiders.

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.