Affinity Investment Advisors LLC purchased a new stake in State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 4,271 shares of the asset manager's stock, valued at approximately $382,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its position in State Street by 61.9% in the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock valued at $84,000 after buying an additional 357 shares during the period. Principal Financial Group Inc. boosted its position 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 buying an additional 5,242 shares during the period. Allspring Global Investments Holdings LLC boosted its position in State Street by 127.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after buying an additional 17,201 shares during the period. Index Fund Advisors Inc. purchased a new position in State Street in the 1st quarter valued at approximately $505,000. Finally, Bank of New York Mellon Corp boosted its position in State Street by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock valued at $195,764,000 after buying an additional 123,259 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.
State Street Price Performance
Shares of NYSE:STT opened at $111.09 on Friday. The company's fifty day moving average price is $106.93 and its 200 day moving average price is $97.03. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $114.28. 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 firm has a market capitalization of $31.52 billion, a P/E ratio of 12.44, a P/E/G ratio of 1.22 and a beta of 1.48.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same period last year, the business earned $2.15 EPS. State Street's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, 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 disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is presently 37.63%.
Analysts Set New Price Targets
STT has been the subject of several recent analyst reports. Evercore ISI lifted their price objective on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Wells Fargo & Company lifted their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Morgan Stanley lifted their price objective on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $112.82.
View Our Latest Research Report on State Street
Insider Buying and Selling
In other State Street news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company's stock.
About State Street
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Free Report)
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.
Further Reading
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