OMERS ADMINISTRATION Corp Increases Holdings in State Street Corporation $STT

Key Points

• OMERS ADMINISTRATION Corp increased its stake in State Street Corporation by 15.8% during the first quarter, owning a total of 31,717 shares worth approximately $2.84 million.
• State Street recently announced a quarterly dividend increase to $0.84 per share, reflecting an annualized yield of 2.9%.
• Several analysts have upgraded their ratings for State Street, with a consensus price target now at $112.82 and a consensus rating of "Moderate Buy".

OMERS ADMINISTRATION Corp increased its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 15.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 31,717 shares of the asset manager's stock after buying an additional 4,332 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in State Street were worth $2,840,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in STT. Brighton Jones LLC acquired a new stake in State Street during the fourth quarter worth $296,000. MML Investors Services LLC increased its stake in State Street by 5.9% during the fourth quarter. MML Investors Services LLC now owns 11,895 shares of the asset manager's stock worth $1,168,000 after acquiring an additional 659 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in State Street by 6.9% during the fourth quarter. Integrated Wealth Concepts LLC now owns 7,539 shares of the asset manager's stock worth $740,000 after acquiring an additional 488 shares during the last quarter. Beacon Pointe Advisors LLC acquired a new stake in State Street during the fourth quarter worth $212,000. Finally, Lido Advisors LLC increased its stake in State Street by 2.5% during the fourth quarter. Lido Advisors LLC now owns 11,113 shares of the asset manager's stock worth $1,091,000 after acquiring an additional 276 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wells Fargo & Company raised their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Bank of America lifted their price objective on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Truist Financial lifted their price objective on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, August 14th. Finally, Citigroup lifted their price objective on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, State Street has a consensus rating of "Moderate Buy" and a consensus price target of $112.82.

State Street Trading Down 0.2%

NYSE:STT opened at $115.02 on Friday. The firm has a market cap of $32.63 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.13 and a beta of 1.48. The stock has a fifty day moving average price of $110.06 and a 200 day moving average price of $98.03. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $116.37. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

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 (EPS) for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street's revenue was up 2.9% compared to the same quarter last year. During the same period last year, the business posted $2.15 earnings per share. Sell-side analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is 34.04%.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.

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