BNP Paribas Financial Markets Has $59.44 Million Stock Holdings in State Street Corporation $STT

Key Points

• BNP Paribas Financial Markets increased its stake in State Street Corporation by 4.4% in Q1, owning 663,925 shares valued at $59.44 million.
• Equities analysts showed a bullish outlook, with several firms raising their price targets for State Street, now averaging $112.82 and receiving a consensus rating of "Moderate Buy."
• State Street announced an increase in its quarterly dividend to $0.84, payable on October 14th, reflecting a positive growth trend in their financial performance.

BNP Paribas Financial Markets grew its position in State Street Corporation (NYSE:STT - Free Report) by 4.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 663,925 shares of the asset manager's stock after acquiring an additional 28,041 shares during the quarter. BNP Paribas Financial Markets owned about 0.23% of State Street worth $59,441,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in STT. First Pacific Financial purchased a new position in State Street during the first quarter worth approximately $25,000. Capital Analysts LLC raised its holdings in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after buying an additional 274 shares during the period. Larson Financial Group LLC lifted its stake in State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after acquiring an additional 118 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after purchasing an additional 310 shares during the period. Finally, MV Capital Management Inc. increased its holdings in shares of State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after acquiring an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Price Performance

Shares of STT traded up $0.94 during trading hours on Thursday, hitting $113.94. 444,672 shares of the company were exchanged, compared to its average volume of 2,044,403. The company has a market capitalization of $32.32 billion, a PE ratio of 12.75, a PEG ratio of 1.13 and a beta of 1.50. 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 fifty day simple moving average of $110.71 and a 200-day simple moving average of $98.34. State Street Corporation has a one year low of $72.81 and a one year high of $116.37.

State Street (NYSE:STT - Get Free Report) last issued its 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 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 analysts' expectations of $3.33 billion. During the same quarter last year, the firm posted $2.15 earnings per share. State Street's revenue 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 year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. 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 2.9%. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio is 37.63%.

Wall Street Analyst Weigh In

STT has been the subject of several recent analyst reports. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Citigroup boosted their price target on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company boosted their price objective on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Morgan Stanley boosted their target price 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. Finally, Truist Financial upped 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, August 14th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $112.82.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 990 shares of the firm'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 transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.29% of the company's stock.

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.