Sigma Planning Corp Buys Shares of 6,599 State Street Corporation (NYSE:STT)

Sigma Planning Corp acquired a new position in State Street Corporation (NYSE:STT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 6,599 shares of the asset manager's stock, valued at approximately $591,000.

Several other institutional investors also recently bought and sold shares of STT. Principal Financial Group Inc. increased its holdings in State Street by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock valued at $30,387,000 after purchasing an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in State Street by 127.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after acquiring an additional 17,201 shares during the last quarter. Index Fund Advisors Inc. purchased a new stake in State Street in the first quarter valued at $505,000. Bank of New York Mellon Corp boosted its stake in shares of State Street by 6.0% during the first quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after buying an additional 123,259 shares during the period. Finally, Pacific Heights Asset Management LLC boosted its stake in shares of State Street by 9.1% during the first quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock worth $5,372,000 after buying an additional 5,000 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Up 0.9%

State Street stock traded up $1.02 during midday trading on Friday, hitting $108.50. 2,912,765 shares of the stock were exchanged, compared to its average volume of 2,113,581. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $110.97. The firm has a market cap of $30.94 billion, a P/E ratio of 12.15, a P/E/G ratio of 1.21 and a beta of 1.45. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The company has a 50 day moving average price of $101.31 and a two-hundred day moving average price of $95.22.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period last year, the business earned $2.15 EPS. On average, sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 3.10%. State Street's payout ratio is 37.63%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Citigroup increased their price target on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Morgan Stanley lifted their target price on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Keefe, Bruyette & Woods decreased their price target on shares of State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Finally, Barclays decreased their price target on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $112.00.

Insider Activity at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the transaction, the chief accounting officer directly owned 7,354 shares of the company's stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

State Street Company 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.