Connor Clark & Lunn Investment Management Ltd. Purchases 74,682 Shares of State Street Corporation (NYSE:STT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in State Street Corporation by 57.3%, owning approximately 0.07% of the company worth $18.35 million after acquiring over 74,000 shares.
• State Street plans to pay a quarterly dividend of $0.84 per share, up from $0.76 previously, representing a 3.0% dividend yield.
• Recent analyst ratings show mixed sentiments, with five analysts rating the stock as hold and seven as buy, while the consensus target price is set at $112.00.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 57.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 204,952 shares of the asset manager's stock after acquiring an additional 74,682 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.07% of State Street worth $18,349,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. First Pacific Financial acquired a new position in State Street during the first quarter worth about $25,000. Larson Financial Group LLC raised its stake in 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 in the last quarter. Coppell Advisory Solutions LLC raised its stake in State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after acquiring an additional 412 shares in the last quarter. Golden State Wealth Management LLC raised its stake in 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 in the last quarter. Finally, MV Capital Management Inc. increased its stake in shares of State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after buying an additional 251 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Up 1.4%

NYSE STT traded up $1.49 on Tuesday, reaching $111.32. The company had a trading volume of 2,380,011 shares, compared to its average volume of 2,190,725. The stock has a market capitalization of $31.58 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.21 and a beta of 1.48. The company's fifty day moving average is $106.03 and its 200 day moving average is $96.79. State Street Corporation has a 52-week low of $72.81 and a 52-week 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.

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 (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 firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same period last year, the firm posted $2.15 EPS. The business's revenue was up 2.9% compared to the same quarter last year. Sell-side analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently declared 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. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is currently 34.04%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Truist Financial lowered their price objective on State Street from $122.00 to $116.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Wells Fargo & Company upped their price objective on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Bank of America upped their price objective on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Citigroup upped their target price on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, The Goldman Sachs Group upped their target price on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, State Street presently has an average rating of "Hold" and an average target price of $112.00.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.