AIA Group Ltd Purchases 2,610 Shares of State Street Corporation (NYSE:STT)

Key Points

• AIA Group Ltd increased its holdings in State Street Corporation by 13.1%, owning 22,558 shares valued at approximately $2,020,000 after acquiring an additional 2,610 shares in the first quarter.
• State Street has announced a quarterly dividend increase to $0.84 per share, up from $0.76, with an annualized yield of 3.1%.
• Analysts have raised their price targets for State Street, with Wells Fargo increasing its target to $121.00 and Evercore ISI to $115.00, reflecting optimistic outlooks for the company's performance.

AIA Group Ltd raised its holdings in State Street Corporation (NYSE:STT - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,558 shares of the asset manager's stock after acquiring an additional 2,610 shares during the period. AIA Group Ltd's holdings in State Street were worth $2,020,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Meeder Advisory Services Inc. grew its position in shares of State Street by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after buying an additional 114 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in shares of State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock worth $395,000 after buying an additional 118 shares during the last quarter. Larson Financial Group LLC boosted its position in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after purchasing an additional 118 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of State Street by 13.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock valued at $104,000 after purchasing an additional 134 shares in the last quarter. Finally, Ironwood Investment Counsel LLC boosted its position in shares of State Street by 2.6% during the first quarter. Ironwood Investment Counsel LLC now owns 5,921 shares of the asset manager's stock valued at $530,000 after purchasing an additional 149 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

STT has been the topic of several research reports. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. The Goldman Sachs Group lifted their price objective on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Evercore ISI lifted their price objective on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Citigroup lifted their price objective on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Truist Financial lifted their price objective on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $112.82.

State Street Stock Performance

NYSE:STT traded up $2.07 during mid-day trading on Thursday, hitting $113.57. 1,429,951 shares of the company traded hands, compared to its average volume of 2,094,757. The stock's fifty day moving average price is $106.34 and its 200-day moving average price is $96.89. State Street Corporation has a one year low of $72.81 and a one year high of $114.28. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market cap of $32.22 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 1.23 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the previous year, the company posted $2.15 earnings per share. State Street's revenue for the quarter was up 2.9% on a year-over-year basis. Research analysts anticipate 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. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio is currently 34.04%.

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.