1,038,937 Shares in State Street Corporation (NYSE:STT) Bought by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new stake in State Street Corporation, purchasing 1,038,937 shares valued at approximately $93 million, representing 0.36% ownership as of the last quarter.
• State Street recently announced an increase in its quarterly dividend from $0.76 to $0.84, which will be paid on October 14th, providing a yield of 3.0%.
• State Street Corporation reported $2.53 earnings per share for the most recent quarter, surpassing the consensus estimate of $2.36, with total revenue of $3.47 billion.

Nuveen LLC bought a new stake in shares of State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,038,937 shares of the asset manager's stock, valued at approximately $93,016,000. Nuveen LLC owned 0.36% of State Street as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Harvest Investment Advisors LLC grew its position in shares of State Street by 1.8% during the 1st quarter. Harvest Investment Advisors LLC now owns 19,365 shares of the asset manager's stock valued at $1,734,000 after acquiring an additional 336 shares during the period. Invesco Ltd. grew its position in shares of State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after acquiring an additional 674,120 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of State Street by 57.3% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 204,952 shares of the asset manager's stock valued at $18,349,000 after acquiring an additional 74,682 shares during the period. Townsquare Capital LLC grew its position in shares of State Street by 6.0% during the 1st quarter. Townsquare Capital LLC now owns 4,282 shares of the asset manager's stock valued at $383,000 after acquiring an additional 244 shares during the period. Finally, Donoghue Forlines LLC grew its position in shares of State Street by 8.8% during the 1st quarter. Donoghue Forlines LLC now owns 16,962 shares of the asset manager's stock valued at $1,519,000 after acquiring an additional 1,377 shares during the period. 87.44% of the stock is owned by institutional investors.

State Street Price Performance

NYSE STT traded up $2.07 on Thursday, hitting $113.57. The stock had a trading volume of 1,429,951 shares, compared to its average volume of 1,883,789. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $114.28. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The company has a market capitalization of $32.22 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 1.23 and a beta of 1.48. The firm has a 50-day moving average of $106.68 and a 200-day moving average of $96.98.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share 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 12.59% and a return on equity of 12.96%. The business's quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the company posted $2.15 EPS. Equities analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business 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 an increase 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 34.04%.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of research reports. Truist Financial increased their target price on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday. 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 report on Wednesday, July 2nd. Evercore ISI raised their price objective on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Barclays cut their price objective on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $112.82.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the firm'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 sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company 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.