Miller Howard Investments Inc. NY Takes $42.50 Million Position in State Street Corporation (NYSE:STT)

Miller Howard Investments Inc. NY bought a new position in shares of State Street Corporation (NYSE:STT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 474,741 shares of the asset manager's stock, valued at approximately $42,504,000. Miller Howard Investments Inc. NY owned approximately 0.16% of State Street as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Sequoia Financial Advisors LLC boosted its stake in shares of State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after purchasing an additional 118 shares in the last quarter. Moors & Cabot Inc. increased its stake in shares of State Street by 0.7% in the fourth quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager's stock valued at $1,799,000 after buying an additional 131 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in State Street by 13.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after purchasing an additional 134 shares during the last quarter. Huntington National Bank raised its stake in State Street by 1.3% during the fourth quarter. Huntington National Bank now owns 11,671 shares of the asset manager's stock worth $1,146,000 after buying an additional 150 shares during the last quarter. Finally, UMB Bank n.a. boosted its position in State Street by 8.4% during the first quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager's stock valued at $203,000 after acquiring an additional 176 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on STT shares. Citigroup raised their price objective on shares of State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research report on Wednesday. Wall Street Zen cut shares of State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. Evercore ISI lifted their price target on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research note on Wednesday. Morgan Stanley upped their target price on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday. Finally, Truist Financial raised their target price on State Street from $112.00 to $122.00 and gave the company a "buy" rating in a report on Thursday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $106.46.

Insider Activity at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the sale, the chief accounting officer directly owned 7,354 shares of the company's stock, valued at $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by insiders.

State Street Trading Up 0.7%

State Street stock traded up $0.82 during mid-day trading on Friday, reaching $110.31. 1,166,677 shares of the company traded hands, compared to its average volume of 2,113,371. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 52-week low of $72.65 and a 52-week high of $110.80. The firm has a market capitalization of $31.46 billion, a price-to-earnings ratio of 12.38, a P/E/G ratio of 1.28 and a beta of 1.45. The firm's 50 day moving average price is $97.77 and its 200 day moving average price is $94.54.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.98 by $0.06. State Street had a net margin of 12.85% and a return on equity of 12.79%. The company had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same period in the prior year, the firm earned $1.69 earnings per share. On average, analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street's payout ratio is presently 34.12%.

State Street 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.