Index Fund Advisors Inc. Makes New Investment in State Street Corporation (NYSE:STT)

Index Fund Advisors Inc. acquired a new stake in shares of State Street Corporation (NYSE:STT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 5,641 shares of the asset manager's stock, valued at approximately $505,000.

Other institutional investors have also modified their holdings of the company. Sequoia Financial Advisors LLC increased its position in shares of State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock worth $395,000 after purchasing an additional 118 shares during the last quarter. Moors & Cabot Inc. increased its position in shares of State Street by 0.7% during the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager's stock worth $1,799,000 after purchasing an additional 131 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of State Street by 13.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after purchasing an additional 134 shares during the last quarter. Huntington National Bank increased its position in shares of State Street by 1.3% during the 4th quarter. Huntington National Bank now owns 11,671 shares of the asset manager's stock worth $1,146,000 after purchasing an additional 150 shares during the last quarter. Finally, UMB Bank n.a. increased its position in shares of State Street by 8.4% during the 1st quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager's stock worth $203,000 after purchasing an additional 176 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

Insider Buying and Selling

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the transaction, the chief accounting officer owned 7,354 shares of the company's stock, valued at $667,154.88. This represents a 15.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.29% of the stock is owned by insiders.

State Street Price Performance

STT stock traded down $0.77 during mid-day trading on Friday, hitting $109.45. 1,521,559 shares of the stock were exchanged, compared to its average volume of 2,106,368. The stock has a market capitalization of $31.21 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 1.26 and a beta of 1.45. The business has a fifty day moving average price of $99.48 and a 200 day moving average price of $94.90. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $111.99.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, topping the consensus estimate of $1.98 by $0.06. The firm had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. State Street had a return on equity of 12.79% and a net margin of 12.85%. During the same quarter in the previous year, the business earned $1.69 earnings per share. On average, sell-side analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date is Tuesday, July 1st. State Street's payout ratio is 34.12%.

Wall Street Analysts Forecast Growth

STT has been the topic of several recent analyst reports. Morgan Stanley boosted their price target on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. The Goldman Sachs Group boosted their target price on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Bank of America boosted their target price on State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a report on Wednesday, April 2nd. Cfra Research lowered State Street from a "moderate buy" rating to a "hold" rating in a report on Thursday, May 29th. Finally, Wells Fargo & Company boosted their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, State Street has an average rating of "Hold" and an average target price of $109.92.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.