Freedom Investment Management Inc. Makes New $330,000 Investment in State Street Corporation $STT

Key Points

• Freedom Investment Management Inc. has purchased 3,691 shares of State Street Corporation for approximately $330,000, marking a new investment in the asset manager's stock.
• State Street recently declared a quarterly dividend of $0.84 per share, representing a 2.9% dividend yield and an increase from the previous $0.76 per share dividend.
• In quarterly earnings, State Street reported $2.53 EPS, surpassing estimates, along with revenues of $3.47 billion, indicating a growth of 2.9% year-over-year.

Freedom Investment Management Inc. purchased a new stake in shares of State Street Corporation (NYSE:STT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,691 shares of the asset manager's stock, valued at approximately $330,000.

A number of other hedge funds also recently bought and sold shares of STT. Brighton Jones LLC purchased a new stake in State Street during the fourth quarter valued at $296,000. MML Investors Services LLC raised its stake in shares of State Street by 5.9% in the fourth quarter. MML Investors Services LLC now owns 11,895 shares of the asset manager's stock valued at $1,168,000 after acquiring an additional 659 shares during the period. MGO One Seven LLC purchased a new stake in shares of State Street in the fourth quarter valued at $247,000. Integrated Wealth Concepts LLC raised its stake in shares of State Street by 6.9% in the fourth quarter. Integrated Wealth Concepts LLC now owns 7,539 shares of the asset manager's stock valued at $740,000 after acquiring an additional 488 shares during the period. Finally, Coldstream Capital Management Inc. raised its stake in shares of State Street by 8.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 4,883 shares of the asset manager's stock valued at $479,000 after acquiring an additional 369 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.

Analyst Ratings Changes

STT has been the topic of several recent analyst reports. Truist Financial increased their target price 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. Bank of America increased their target price on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. The Goldman Sachs Group increased their target price 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. Citigroup upped their price target on shares of State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Finally, Evercore ISI increased their target price on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, State Street has a consensus rating of "Moderate Buy" and a consensus price target of $112.82.

State Street Stock Performance

Shares of State Street stock traded down $0.22 during midday trading on Friday, hitting $115.02. The company had a trading volume of 995,204 shares, compared to its average volume of 1,573,020. The stock has a market cap of $32.63 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.13 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. The company has a fifty day simple moving average of $110.06 and a 200 day simple moving average of $98.03. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $116.37.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion during 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%. State Street's revenue was up 2.9% on a year-over-year basis. During the same period last year, the firm posted $2.15 EPS. As a group, analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is 34.04%.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

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.