IFM Investors Pty Ltd Grows Position in State Street Corporation $STT

Key Points

• IFM Investors Pty Ltd increased its stake in State Street by 9.7% in the first quarter, buying 7,469 additional shares and bringing its total holdings to 84,534 shares worth about $10.7 million.
• Wall Street sentiment is broadly positive, with analysts assigning State Street a Moderate Buy consensus rating and lifting price targets at firms like Wells Fargo and Goldman Sachs. The average price target now stands at $166.84.
• State Street posted stronger-than-expected quarterly results, with EPS of $2.84 and revenue of $3.80 billion, while also announcing a quarterly dividend of $0.84 per share, or $3.36 annually.

IFM Investors Pty Ltd lifted its position in State Street Corporation (NYSE:STT - Free Report) by 9.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 84,534 shares of the asset manager's stock after buying an additional 7,469 shares during the period. IFM Investors Pty Ltd's holdings in State Street were worth $10,699,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Nordea Investment Management AB lifted its holdings in State Street by 15.4% during the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager's stock valued at $367,041,000 after purchasing an additional 377,568 shares in the last quarter. Clean Yield Group lifted its stake in shares of State Street by 8,247.4% during the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager's stock valued at $2,477,000 after buying an additional 18,969 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in State Street in the 4th quarter worth $1,959,000. Heritage Family Offices LLP purchased a new stake in State Street in the 4th quarter worth $1,220,000. Finally, Global Retirement Partners LLC raised its holdings in State Street by 476.7% during the fourth quarter. Global Retirement Partners LLC now owns 8,478 shares of the asset manager's stock valued at $1,094,000 after acquiring an additional 7,008 shares during the period. Institutional investors own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on STT. Wells Fargo & Company increased their target price on State Street from $171.00 to $196.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 24th. Seaport Research Partners reiterated a "buy" rating and set a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Zacks Research cut shares of State Street from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. The Goldman Sachs Group lifted their price target on shares of State Street from $168.00 to $194.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Bank of America upgraded shares of State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price target on the stock in a research note on Monday, April 6th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $166.84.

State Street Stock Up 0.0%

Shares of NYSE STT opened at $169.66 on Thursday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $101.98 and a 12-month high of $175.46. The firm's 50-day moving average price is $159.12 and its 200-day moving average price is $139.99. The stock has a market capitalization of $46.96 billion, a price-to-earnings ratio of 17.21, a P/E/G ratio of 0.91 and a beta of 1.42.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion for the quarter, compared to analysts' expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm's revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.04 earnings per share. On average, equities research analysts anticipate that State Street Corporation will post 12.53 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. State Street's dividend payout ratio (DPR) is currently 34.08%.

Insider Activity

In related news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares of the company's stock, valued at $9,885,701.06. This represents a 12.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of the firm's stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the sale, the executive vice president directly owned 43,522 shares of the company's stock, valued at approximately $6,697,600.58. The trade was a 6.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 37,876 shares of company stock valued at $5,866,583 over the last ninety days. 0.27% of the stock is owned by corporate insiders.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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