State Street Corporation $STT Shares Acquired by Ethic Inc.

Key Points

• Ethic Inc. increased its stake in State Street Corporation by 13.2% in Q1, holding a total of 46,466 shares valued at approximately $4.13 million.
• State Street's stock has received mixed ratings from analysts, with seven buy ratings, one sell rating, and a consensus target price of $112.82.
• The company announced a quarterly dividend of $0.84 per share, reflecting a 3.0% dividend yield, up from the previous dividend of $0.76.

Ethic Inc. increased its stake in State Street Corporation (NYSE:STT - Free Report) by 13.2% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 46,466 shares of the asset manager's stock after buying an additional 5,416 shares during the period. Ethic Inc.'s holdings in State Street were worth $4,127,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STT. First Pacific Financial bought a new position in State Street in the 1st quarter valued at approximately $25,000. Larson Financial Group LLC lifted its holdings in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares during the period. Coppell Advisory Solutions LLC raised its holdings in State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after purchasing an additional 412 shares during the period. Golden State Wealth Management LLC raised its holdings in State Street by 186.7% in 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. raised its holdings in State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after purchasing an additional 251 shares during the period. 87.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on STT. Evercore ISI raised their price target on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Truist Financial lifted their price target on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, August 14th. Morgan Stanley raised their price objective on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, Bank of America raised their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $112.82.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the business's 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 transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is owned by corporate insiders.

State Street Stock Performance

Shares of STT traded up $0.5960 during trading hours on Wednesday, reaching $111.7460. 1,683,125 shares of the company traded hands, compared to its average volume of 2,076,227. The stock has a market capitalization of $31.70 billion, a P/E ratio of 12.51, a P/E/G ratio of 1.22 and a beta of 1.48. 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 Corporation has a 12-month low of $72.81 and a 12-month high of $114.28. The business has a fifty day moving average price of $107.41 and a 200-day moving average price of $97.16.

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

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. State Street's payout ratio is presently 37.63%.

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.