Flputnam Investment Management Co. Purchases 17,671 Shares of State Street Corporation $STT

Flputnam Investment Management Co. raised its holdings in shares of State Street Corporation (NYSE:STT) by 97.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,791 shares of the asset manager’s stock after buying an additional 17,671 shares during the period. Flputnam Investment Management Co.’s holdings in State Street were worth $6,070,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Philadelphia Investment Partners LLC purchased a new stake in shares of State Street in the second quarter worth approximately $26,000. Bell Investment Advisors Inc purchased a new position in State Street during the 2nd quarter valued at $28,000. Wilkerson Advisory Group LLC purchased a new position in State Street during the 4th quarter valued at $29,000. JPL Wealth Management LLC bought a new position in State Street in the 3rd quarter valued at $29,000. Finally, Phillip James Consulting Co. bought a new position in State Street in the 4th quarter valued at $30,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $193.42 on Friday. The firm has a market cap of $53.13 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 0.80 and a beta of 1.41. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.93. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average is $182.46 and its 200 day moving average is $155.95.

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. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.State Street’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.04 earnings per share. On average, sell-side analysts anticipate 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. Investors of record on Thursday, October 1st will be paid 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 1.9%. State Street’s dividend payout ratio (DPR) is currently 29.63%.

Analysts Set New Price Targets

A number of analysts have weighed in on STT shares. Wells Fargo & Company increased their target price on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. UBS Group set a $176.00 target price on shares of State Street in a research note on Friday, June 26th. Evercore set a $200.00 price target on shares of State Street in a report on Monday, July 20th. Bank of America lifted their price objective on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a report on Tuesday, July 7th. 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 report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $185.38.

Insider Activity at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 25,811 shares of company stock valued at $4,723,982 over the last quarter. 0.27% of the stock is owned by corporate 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.