California State Teachers Retirement System Buys 76,371,782 Shares of State Street Corporation $STT

California State Teachers Retirement System increased its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 16,194.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,843,386 shares of the asset manager's stock after acquiring an additional 76,371,782 shares during the period. California State Teachers Retirement System owned about 27.97% of State Street worth $13,032,638,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Wedmont Private Capital increased its holdings in State Street by 4.0% during the 2nd quarter. Wedmont Private Capital now owns 6,906 shares of the asset manager's stock worth $1,245,000 after purchasing an additional 264 shares in the last quarter. HB Wealth Management LLC boosted its position in shares of State Street by 4.1% during the second quarter. HB Wealth Management LLC now owns 13,737 shares of the asset manager's stock worth $2,330,000 after buying an additional 540 shares during the period. Saudi Central Bank boosted its position in shares of State Street by 89.2% during the second quarter. Saudi Central Bank now owns 19,511 shares of the asset manager's stock worth $3,309,000 after buying an additional 9,201 shares during the period. Angeles Wealth Management LLC grew its holdings in shares of State Street by 6.7% during the second quarter. Angeles Wealth Management LLC now owns 2,496 shares of the asset manager's stock worth $423,000 after buying an additional 156 shares in the last quarter. Finally, Compass Financial Management LLC bought a new position in shares of State Street during the second quarter worth about $1,424,000. 87.44% of the stock is owned by institutional investors.

State Street Trading Down 1.2%

Shares of State Street stock opened at $191.97 on Wednesday. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.93. The stock has a market cap of $52.73 billion, a P/E ratio of 16.93, a P/E/G ratio of 0.92 and a beta of 1.41. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The business's 50 day moving average is $185.45 and its 200-day moving average is $159.20.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm's revenue was up 23.3% on a year-over-year basis. During the same period last year, the business earned $2.04 earnings per share. Equities research analysts predict that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a $0.92 dividend. This is a boost from State Street's previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. State Street's payout ratio is 32.45%.

Insider Activity

In related news, EVP W. Hu sold 9,758 shares of State Street stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business's stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

STT has been the topic of several research reports. Evercore set a $200.00 target price on State Street in a research note on Monday, July 20th. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Weiss Ratings reiterated a "buy (b+)" rating on shares of State Street in a report on Tuesday, August 25th. JPMorgan Chase & Co. boosted their price objective on shares of State Street from $176.50 to $187.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. Finally, Citigroup increased their target price on shares of State Street from $193.00 to $210.00 and gave the stock a "buy" rating in a report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, State Street has a consensus rating of "Moderate Buy" and a consensus price target of $185.38.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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