Allianz Asset Management GmbH Buys 469,936 Shares of State Street Corporation (NYSE:STT)

Allianz Asset Management GmbH lifted its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 404.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 586,052 shares of the asset manager's stock after purchasing an additional 469,936 shares during the period. Allianz Asset Management GmbH owned 0.20% of State Street worth $52,469,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new position in State Street during the fourth quarter worth about $161,021,000. Price T Rowe Associates Inc. MD raised its position in shares of 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 raised its position in shares of 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 acquired a new stake in shares of State Street during the fourth quarter worth about $80,294,000. Finally, Northern Trust Corp raised its position 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 purchasing an additional 563,790 shares during the period. Institutional investors own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

STT has been the topic of a number of research analyst reports. Truist Financial dropped their price target on State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Bank of America lifted their target price on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Keefe, Bruyette & Woods dropped their target price on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Citigroup lifted their target price on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Evercore ISI lifted their target price on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $112.00.

State Street Price Performance

STT traded up $2.12 on Friday, reaching $113.10. The stock had a trading volume of 2,510,648 shares, compared to its average volume of 2,144,301. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $113.72. The firm has a 50-day moving average of $102.31 and a 200-day moving average of $95.57. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $32.25 billion, a price-to-earnings ratio of 12.67, a price-to-earnings-growth ratio of 1.23 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the previous year, the company posted $2.15 EPS. The business's revenue was up 2.9% on a year-over-year basis. As a group, sell-side analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.97%. 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. State Street's payout ratio is 34.04%.

Insider Activity

In related 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 transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Elizabeth Schaefer sold 1,300 shares of the company's 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 sale, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. The trade was a 15.02% decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is owned by corporate insiders.

About State Street

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.