State Street Corporation (NYSE:STT) Position Boosted by New York State Common Retirement Fund

New York State Common Retirement Fund raised its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 4.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 363,956 shares of the asset manager's stock after buying an additional 17,000 shares during the period. New York State Common Retirement Fund owned about 0.13% of State Street worth $32,585,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of STT. Brighton Jones LLC acquired a new position in shares of State Street during the fourth quarter worth $296,000. Proficio Capital Partners LLC bought a new stake in shares of State Street in the fourth quarter worth $203,000. Independent Advisor Alliance bought a new stake in shares of State Street in the fourth quarter worth $237,000. Sequoia Financial Advisors LLC increased its stake in shares of State Street by 21.2% in the fourth quarter. Sequoia Financial Advisors LLC now owns 4,296 shares of the asset manager's stock worth $422,000 after buying an additional 751 shares during the last quarter. Finally, Avantax Advisory Services Inc. increased its stake in shares of State Street by 109.0% in the fourth quarter. Avantax Advisory Services Inc. now owns 11,308 shares of the asset manager's stock worth $1,110,000 after buying an additional 5,897 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the transaction, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.29% of the company's stock.

State Street Price Performance

State Street stock traded down $7.98 during trading hours on Tuesday, hitting $102.06. 5,942,335 shares of the company traded hands, compared to its average volume of 2,125,211. The firm has a market cap of $29.10 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.25 and a beta of 1.45. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. The firm's 50-day simple moving average is $100.25 and its two-hundred day simple moving average is $94.99. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $110.97.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. State Street had a net margin of 12.85% and a return on equity of 12.79%. State Street's quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company earned $2.15 EPS. As a group, analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were paid a dividend of $0.76 per share. The ex-dividend date was Tuesday, July 1st. This represents a $3.04 annualized dividend and a yield of 2.98%. State Street's payout ratio is 34.12%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Barclays dropped their price target on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Keefe, Bruyette & Woods dropped their price target on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Truist Financial boosted their target price on shares of State Street from $112.00 to $122.00 and gave the company a "buy" rating in a research note on Thursday, July 3rd. Finally, Evercore ISI boosted their target price on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $109.92.

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.