Oak Thistle LLC Makes New $1.08 Million Investment in State Street Corporation (NYSE:STT)

Oak Thistle LLC bought a new stake in State Street Corporation (NYSE:STT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,057 shares of the asset manager's stock, valued at approximately $1,079,000.

Other hedge funds have also recently made changes to their positions in the company. First Pacific Financial acquired a new position in shares of State Street in the 1st quarter valued at $25,000. Larson Financial Group LLC raised its stake in shares of State Street by 40.8% during 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 during the last quarter. Coppell Advisory Solutions LLC raised its stake in shares of State Street by 2,942.9% during 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 during the last quarter. Golden State Wealth Management LLC raised its stake in shares of State Street by 186.7% during 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 during the last quarter. Finally, Loomis Sayles & Co. L P raised its stake in shares of State Street by 187.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock valued at $47,000 after buying an additional 311 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Citigroup raised their target price on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Truist Financial dropped their target price on State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. The Goldman Sachs Group raised their target price on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Finally, Morgan Stanley raised their target price on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $112.00.

State Street Price Performance

STT stock traded up $0.37 during trading on Thursday, hitting $111.02. The stock had a trading volume of 1,999,777 shares, compared to its average volume of 2,346,665. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The company's 50-day moving average price is $102.31 and its two-hundred day moving average price is $95.57. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $111.61. The stock has a market capitalization of $31.66 billion, a P/E ratio of 12.43, a PEG ratio of 1.23 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $3.33 billion. During the same period last year, the company posted $2.15 EPS. The business's revenue was up 2.9% on a year-over-year basis. As a group, research analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared 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 represents a $3.36 annualized dividend and a dividend yield of 3.03%. 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 payout ratio is presently 34.04%.

Insider Activity at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 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 disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.

About State Street

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.