5,641 Shares in State Street Corporation (NYSE:STT) Bought by Index Fund Advisors Inc.

Index Fund Advisors Inc. purchased a new stake in shares of State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,641 shares of the asset manager's stock, valued at approximately $505,000.

Several other hedge funds and other institutional investors also recently modified their holdings of STT. Norges Bank acquired a new stake in State Street during the 4th quarter worth about $161,021,000. Price T Rowe Associates Inc. MD boosted its position in State Street by 236.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after purchasing an additional 1,622,408 shares during the period. FMR LLC boosted its position in State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after purchasing an additional 870,849 shares during the period. Azora Capital LP bought a new stake in State Street during the fourth quarter worth approximately $80,294,000. Finally, Northern Trust Corp lifted its holdings in shares of State Street by 15.7% during the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after buying an additional 563,790 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on STT. Cfra Research lowered State Street from a "moderate buy" rating to a "hold" rating in a research note on Thursday, May 29th. Barclays decreased their price target on State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Truist Financial raised their target price on State Street from $112.00 to $122.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. Bank of America lifted their price objective on State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a report on Wednesday, April 2nd. Finally, Citigroup lifted their price objective on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, State Street presently has a consensus rating of "Hold" and a consensus target price of $109.92.

State Street Price Performance

State Street stock traded up $0.80 during midday trading on Thursday, hitting $110.20. 1,828,556 shares of the company's stock were exchanged, compared to its average volume of 2,108,443. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $110.97. The stock has a 50-day moving average price of $99.05 and a two-hundred day moving average price of $94.82. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.57 and a current ratio of 0.57. The company has a market cap of $31.43 billion, a P/E ratio of 12.37, a PEG ratio of 1.27 and a beta of 1.45.

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

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street's payout ratio is 34.12%.

Insider Activity at State Street

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the business's stock in a transaction dated 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 sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.29% of the stock is owned by insiders.

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.