Edgestream Partners L.P. increased its stake in State Street Corporation (NYSE:STT - Free Report) by 70.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 93,986 shares of the asset manager's stock after purchasing an additional 38,904 shares during the period. Edgestream Partners L.P.'s holdings in State Street were worth $8,415,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also bought and sold shares of the company. Invesco Ltd. increased its position in State Street by 5.7% during the 4th quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager's stock worth $737,162,000 after purchasing an additional 406,396 shares in the last quarter. Geode Capital Management LLC boosted its position in State Street by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager's stock worth $704,238,000 after buying an additional 24,617 shares during the period. FMR LLC grew its holdings in State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after acquiring an additional 870,849 shares during the last quarter. Northern Trust Corp raised its stake 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 valued at $407,166,000 after acquiring an additional 563,790 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager's stock worth $335,884,000 after purchasing an additional 55,598 shares during the period. Institutional investors own 87.44% of the company's stock.
Analysts Set New Price Targets
A number of research firms have commented on STT. The Goldman Sachs Group upped their price target on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Truist Financial increased their target price on shares of State Street from $112.00 to $122.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Bank of America boosted their price target on shares of State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 2nd. Barclays cut their price target on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Finally, Evercore ISI increased their price target on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, State Street currently has an average rating of "Hold" and an average target price of $109.92.
View Our Latest Report on STT
State Street Trading Up 0.4%
Shares of NYSE:STT traded up $0.42 on Monday, hitting $109.98. The company had a trading volume of 2,510,464 shares, compared to its average volume of 2,083,356. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $110.97. The firm has a market capitalization of $31.37 billion, a price-to-earnings ratio of 12.34, a P/E/G ratio of 1.25 and a beta of 1.45. The firm's 50-day simple moving average is $99.86 and its two-hundred day simple moving average is $94.91. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07.
State Street (NYSE:STT - Get Free Report) last announced its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.98 by $0.06. State Street had a net margin of 12.85% and a return on equity of 12.79%. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter last year, the firm earned $1.69 earnings per share. Equities analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.
State Street Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend was Tuesday, July 1st. State Street's dividend payout ratio (DPR) is 34.12%.
Insiders Place Their Bets
In other news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.29% of the company's stock.
State Street Profile
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Free Report)
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.
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