Miller Howard Investments Inc. NY Purchases 130,175 Shares of State Street Corporation $STT

Key Points

• Miller Howard Investments Inc. NY has increased its stake in State Street Corporation by 27.4%, acquiring an additional 130,175 shares, bringing their total holdings to 604,916 shares.
• State Street's board has announced a quarterly dividend increase to $0.84 per share, representing a yield of 3.0% and a positive change from the previous dividend of $0.76.
• Multiple analysts have upgraded their ratings on State Street, with Wells Fargo raising their price target from $113 to $121 and Citigroup increasing their target from $115 to $130.

Miller Howard Investments Inc. NY increased its holdings in State Street Corporation (NYSE:STT - Free Report) by 27.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 604,916 shares of the asset manager's stock after acquiring an additional 130,175 shares during the period. State Street comprises about 2.0% of Miller Howard Investments Inc. NY's holdings, making the stock its 13th largest holding. Miller Howard Investments Inc. NY owned approximately 0.21% of State Street worth $64,327,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Meeder Advisory Services Inc. lifted its position in shares of State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after buying an additional 114 shares during the period. Sequoia Financial Advisors LLC raised its stake in State Street by 2.7% in the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after buying an additional 118 shares during the period. Larson Financial Group LLC increased its stake in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after purchasing an additional 118 shares during the period. Smartleaf Asset Management LLC grew its position in State Street by 5.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock worth $201,000 after buying an additional 126 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of State Street by 13.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock valued at $104,000 after purchasing an additional 134 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on STT. Truist Financial lifted their price objective on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, August 14th. Morgan Stanley lifted their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and increased their target price for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Evercore ISI boosted their price target on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, The Goldman Sachs Group raised their price objective 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. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, State Street currently has a consensus rating of "Moderate Buy" and an average target price of $114.18.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by insiders.

State Street Price Performance

State Street stock traded up $0.36 during midday trading on Tuesday, reaching $113.68. The company's stock had a trading volume of 305,214 shares, compared to its average volume of 2,033,002. The business has a 50-day moving average price of $111.66 and a 200-day moving average price of $99.80. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market cap of $32.25 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 1.11 and a beta of 1.50. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $116.37.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results 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 return on equity of 12.96% and a net margin of 12.59%.The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same period in the previous year, the firm earned $2.15 earnings per share. The company's revenue was up 2.9% compared to the same quarter last year. On average, sell-side analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. State Street's dividend payout ratio is currently 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.