Ontario Teachers Pension Plan Board Buys 3,332 Shares of State Street Corporation (NYSE:STT)

Key Points

• The Ontario Teachers Pension Plan increased its stake in State Street Corporation by 32.8% in the first quarter, bringing its holdings to 13,481 shares valued at approximately $1.21 million.
• State Street announced a quarterly dividend of $0.84, up from the previous $0.76, reflecting a dividend yield of 3.0% and a payout ratio of 34.04%.
• In its latest earnings report, State Street beat analysts' estimates with an EPS of $2.53 and revenue of $3.47 billion, showing a year-over-year revenue increase of 2.9%.

Ontario Teachers Pension Plan Board boosted its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 32.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,481 shares of the asset manager's stock after purchasing an additional 3,332 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in State Street were worth $1,207,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Northern Trust Corp raised its holdings in State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after acquiring an additional 563,790 shares in the last quarter. Eastern Bank raised its holdings in State Street by 6,967.4% in the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after acquiring an additional 2,947,153 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of State Street by 10.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,664,062 shares of the asset manager's stock worth $261,478,000 after buying an additional 242,493 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of State Street by 236.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after buying an additional 1,622,408 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of State Street by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after buying an additional 123,259 shares in the last quarter. Institutional investors own 87.44% of the company's stock.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.29% of the company's stock.

State Street Trading Up 1.4%

STT traded up $1.49 during mid-day trading on Tuesday, reaching $111.32. The stock had a trading volume of 2,380,011 shares, compared to its average volume of 2,098,259. The stock has a market capitalization of $31.58 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.23 and a beta of 1.48. 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 firm's fifty day simple moving average is $105.74 and its two-hundred day simple moving average is $96.69. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $114.28.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion for 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%. The business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the company earned $2.15 EPS. On average, equities analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. 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 dividend payout ratio is 34.04%.

Wall Street Analyst Weigh In

STT has been the subject of a number of recent research reports. Evercore ISI increased their target price on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods dropped their target price on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Bank of America increased their target price on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company increased their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Truist Financial dropped their target price on State Street from $122.00 to $116.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $112.00.

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.