Caisse DE Depot ET Placement DU Quebec Raises Stock Position in State Street Corporation $STT

Key Points

• Caisse DE Depot ET Placement DU Quebec increased its holdings in State Street Corporation by 32.8%, now owning 225,917 shares valued at approximately $20.23 million.
• State Street recently announced a quarterly dividend of $0.84 per share, up from $0.76, which represents an annual yield of 2.9%.
• Several analysts have raised their price targets for State Street stock, with Wells Fargo's new target being $121, indicating a strong outlook.

Caisse DE Depot ET Placement DU Quebec lifted its holdings in State Street Corporation (NYSE:STT - Free Report) by 32.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 225,917 shares of the asset manager's stock after acquiring an additional 55,800 shares during the period. Caisse DE Depot ET Placement DU Quebec owned 0.08% of State Street worth $20,226,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Pacific Financial purchased a new position in shares of State Street during the first quarter worth approximately $25,000. Capital Analysts LLC increased its position in shares of State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after acquiring an additional 274 shares during the period. Larson Financial Group LLC increased 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 worth $36,000 after acquiring an additional 118 shares during the period. Golden State Wealth Management LLC increased its position in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after acquiring an additional 310 shares during the period. Finally, MV Capital Management Inc. increased its position in shares of State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after acquiring an additional 251 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other 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 transaction of $108,197.10. Following the completion of the sale, 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 filing with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

State Street Stock Down 0.2%

STT traded down $0.22 during trading on Friday, hitting $115.02. The stock had a trading volume of 995,204 shares, compared to its average volume of 1,573,020. The company has a market capitalization of $32.63 billion, a PE ratio of 12.88, a PEG ratio of 1.13 and a beta of 1.48. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $116.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a 50 day simple moving average of $110.06 and a two-hundred day simple moving average of $98.03.

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

State Street Increases Dividend

The business 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 dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. State Street's payout ratio is presently 34.04%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Evercore ISI raised their target price 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 upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Truist Financial increased their price objective on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, August 14th. Morgan Stanley increased their price objective on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Finally, The Goldman Sachs Group increased their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $112.82.

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.