Invesco Ltd. Raises Holdings in State Street Corporation (NYSE:STT)

Key Points

• Invesco Ltd. has increased its holdings in State Street Corporation by 9.0% in the first quarter, owning approximately 8.18 million shares worth around $732.77 million.
• State Street recently declared a quarterly dividend of $0.84 per share, reflecting an increase from its previous dividend of $0.76, with a dividend payout ratio of 34.04%.
• The company's quarterly earnings report revealed an EPS of $2.53, surpassing estimates, with a revenue of $3.47 billion, marking a 2.9% increase year-over-year.

Invesco Ltd. increased its holdings in State Street Corporation (NYSE:STT - Free Report) by 9.0% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 8,184,690 shares of the asset manager's stock after acquiring an additional 674,120 shares during the period. Invesco Ltd. owned approximately 2.87% of State Street worth $732,775,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in STT. Brighton Jones LLC acquired a new position in State Street during the fourth quarter worth $296,000. Cerity Partners LLC grew its stake in State Street by 5.0% during the 4th quarter. Cerity Partners LLC now owns 63,999 shares of the asset manager's stock worth $6,135,000 after purchasing an additional 3,063 shares in the last quarter. Sterling Capital Management LLC grew its stake in State Street by 32.2% during the 4th quarter. Sterling Capital Management LLC now owns 29,079 shares of the asset manager's stock worth $2,854,000 after purchasing an additional 7,087 shares in the last quarter. Rockefeller Capital Management L.P. grew its stake in State Street by 5.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 26,052 shares of the asset manager's stock worth $2,552,000 after purchasing an additional 1,421 shares in the last quarter. Finally, Canada Post Corp Registered Pension Plan acquired a new position in State Street during the 4th quarter worth $578,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Stock Up 1.3%

Shares of NYSE STT opened at $111.28 on Friday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $114.28. The firm has a fifty day moving average of $105.47 and a 200-day moving average of $96.62. The stock has a market capitalization of $31.57 billion, a PE ratio of 12.46, a P/E/G ratio of 1.23 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 (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, beating the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. During the same period in the previous year, the company earned $2.15 EPS. The business's quarterly revenue was up 2.9% compared to the same quarter last year. On average, analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently declared 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 positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. State Street's dividend payout ratio is currently 34.04%.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of the company'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 sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on STT shares. Keefe, Bruyette & Woods dropped their target price on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Bank of America increased their target price on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. The Goldman Sachs Group lifted their target price on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, Wells Fargo & Company lifted their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, State Street currently has a consensus rating of "Hold" and a consensus price target of $112.00.

About State Street

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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