Northwestern Mutual Wealth Management Co. Acquires Shares of 19,770 State Street Corporation $STT

Northwestern Mutual Wealth Management Co. bought a new stake in shares of State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 19,770 shares of the asset manager’s stock, valued at approximately $3,353,000.

A number of other hedge funds also recently made changes to their positions in STT. BlackRock Inc. bought a new position in State Street during the second quarter valued at about $4,139,389,000. Regents of The University of California increased its holdings in State Street by 15.6% during the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock worth $1,273,841,000 after buying an additional 1,358,923 shares during the last quarter. Morgan Stanley raised its position in State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after acquiring an additional 433,201 shares during the period. Victory Capital Management Inc. raised its position in State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after acquiring an additional 1,074,174 shares during the period. Finally, Franklin Resources Inc. boosted its stake in State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after acquiring an additional 67,309 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the 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 sale, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at $9,187,988.88. The trade was a 16.39% 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 have sold a total of 25,811 shares of company stock worth $4,723,982 over the last 90 days. Corporate insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of a number of research reports. Wells Fargo & Company increased their target price on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. JPMorgan Chase & Co. lifted their price target on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Citigroup upped their price objective on State Street from $193.00 to $210.00 and gave the company a “buy” 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 report on Tuesday, July 21st. Finally, Truist Financial reissued a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Two investment 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $185.38.

State Street Price Performance

Shares of NYSE:STT opened at $191.00 on Tuesday. The firm has a market capitalization of $52.47 billion, a PE ratio of 16.84, a P/E/G ratio of 0.77 and a beta of 1.41. 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 has a 50-day moving average price of $180.59 and a two-hundred day moving average price of $154.37. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18.

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

State Street Increases Dividend

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

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.