IFM Investors Pty Ltd Acquires 6,084 Shares of State Street Corporation $STT

Key Points

• IFM Investors Pty Ltd increased its stake in State Street Corporation by 10.2%, acquiring 6,084 shares and bringing its total holdings to 65,518 shares worth approximately $5.87 million.
• State Street received multiple upgrades from Wall Street analysts, with price targets increasing from $110 to $130, indicating strong bullish sentiment for the stock.
• The company has declared a quarterly dividend of $0.84, up from the previous $0.76, reflecting a positive change in shareholder returns.

IFM Investors Pty Ltd grew its holdings in State Street Corporation (NYSE:STT - Free Report) by 10.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,518 shares of the asset manager's stock after acquiring an additional 6,084 shares during the quarter. IFM Investors Pty Ltd's holdings in State Street were worth $5,866,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC bought a new position in shares of State Street during the fourth quarter worth about $296,000. Focus Partners Wealth grew its holdings in shares of State Street by 384.0% during the fourth quarter. Focus Partners Wealth now owns 46,784 shares of the asset manager's stock worth $4,592,000 after buying an additional 37,117 shares in the last quarter. Gotham Asset Management LLC grew its holdings in shares of State Street by 22.3% during the fourth quarter. Gotham Asset Management LLC now owns 20,906 shares of the asset manager's stock worth $2,052,000 after buying an additional 3,817 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of State Street by 4.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,305 shares of the asset manager's stock worth $3,073,000 after buying an additional 1,252 shares in the last quarter. Finally, NorthRock Partners LLC bought a new position in shares of State Street during the fourth quarter worth about $402,000. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of research reports. Wells Fargo & Company increased their price objective on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Morgan Stanley increased their price objective on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Truist Financial increased their price target on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, August 14th. Finally, Citigroup raised State Street from a "neutral" rating to a "buy" rating and increased their price target for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.18.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $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 accessible through this hyperlink. Insiders own 0.29% of the company's stock.

State Street Stock Performance

Shares of NYSE STT opened at $112.94 on Friday. The stock has a 50 day moving average price of $111.30 and a 200 day moving average price of $98.88. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $116.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a market capitalization of $32.04 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.08 and a beta of 1.50.

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

State Street Increases Dividend

The firm 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 $0.84 dividend. 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 34.04%.

State Street Company 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.

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