Korea Investment CORP Purchases 9,197 Shares of State Street Corporation $STT

Key Points

• Korea Investment CORP increased its stake in State Street Corporation by 4.2%, acquiring an additional 9,197 shares to reach a total of 228,749 shares, valued at approximately $20.48 million.
• State Street recently announced an increase in its quarterly dividend from $0.76 to $0.84 per share, yielding 3.0%, with the next payout scheduled for October 14th.
• Wells Fargo & Company and Truist Financial are among analysts who have raised their price targets for State Street, with current ratings suggesting a Moderate Buy and an average target price of $112.82.

Korea Investment CORP grew its position in State Street Corporation (NYSE:STT - Free Report) by 4.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 228,749 shares of the asset manager's stock after buying an additional 9,197 shares during the period. Korea Investment CORP owned 0.08% of State Street worth $20,480,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. First Pacific Financial bought a new stake in shares of State Street in the 1st quarter valued at about $25,000. Larson Financial Group LLC boosted its holdings in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares in the last quarter. Coppell Advisory Solutions LLC boosted its holdings in shares of State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after buying an additional 412 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after buying an additional 310 shares in the last quarter. Finally, Minot DeBlois Advisors LLC bought a new stake in shares of State Street in the 4th quarter valued at about $49,000. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Performance

Shares of NYSE STT opened at $111.7460 on Thursday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $114.28. The company has a 50 day simple moving average of $107.70 and a two-hundred day simple moving average of $97.26. The stock has a market cap of $31.70 billion, a price-to-earnings ratio of 12.51, a PEG ratio of 1.09 and a beta of 1.48.

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. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business 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 business posted $2.15 EPS. The business's quarterly revenue was up 2.9% compared to the same quarter last year. As a group, analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a 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 (DPR) is presently 34.04%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. 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 lifted their target price on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, August 14th. Evercore ISI lifted their target price on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Citigroup lifted their target price on shares of State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Seven equities research 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $112.82.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred 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 in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.