Inspire Trust Co. N.A. Buys 9,224 Shares of State Street Corporation (NYSE:STT)

Key Points

• Inspire Trust Co. N.A. increased its stake in State Street Corporation by 25.8%, owning 45,000 shares worth $4,029,000 after acquiring an additional 9,224 shares during the first quarter.
• State Street recently increased its quarterly dividend from $0.76 to $0.84 per share, representing a 3.0% dividend yield and a payout ratio of 34.04%.
• Several analysts have raised their target prices on State Street stock, with Wells Fargo increasing it to $121.00 and Bank of America adjusting it to $109.00, while the consensus rating remains a "Hold."

Inspire Trust Co. N.A. boosted its position in shares of State Street Corporation (NYSE:STT - Free Report) by 25.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,000 shares of the asset manager's stock after acquiring an additional 9,224 shares during the quarter. Inspire Trust Co. N.A.'s holdings in State Street were worth $4,029,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Invesco Ltd. raised its position in shares of State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after purchasing an additional 674,120 shares during the period. Northern Trust Corp raised its position in shares of State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after purchasing an additional 563,790 shares during the period. Eastern Bank raised its position in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after purchasing an additional 2,947,153 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of State Street by 10.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,664,062 shares of the asset manager's stock valued at $261,478,000 after purchasing an additional 242,493 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of State Street by 236.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock valued at $226,642,000 after purchasing an additional 1,622,408 shares during the period. 87.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

STT has been the topic of several research reports. Wells Fargo & Company upped their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Barclays decreased 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 note on Monday, April 21st. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Truist Financial upped their price target on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday. Finally, The Goldman Sachs Group upped their price target 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $112.82.

State Street Price Performance

State Street stock traded down $2.51 during trading hours on Friday, reaching $111.09. 1,291,661 shares of the stock were exchanged, compared to its average volume of 1,808,919. The company has a market cap of $31.52 billion, a P/E ratio of 12.44, a price-to-earnings-growth ratio of 1.22 and a beta of 1.48. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $114.28. The stock has a 50 day moving average of $106.93 and a two-hundred day moving average of $97.03.

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 (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.15 earnings per share. Equities analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is currently 37.63%.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the stock in a transaction dated 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 owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.29% of the company's stock.

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.