Panagora Asset Management Inc. Has $41.69 Million Stock Holdings in State Street Corporation $STT

Key Points

• Panagora Asset Management Inc. significantly increased its stake in State Street Corporation by 5,058.7% in the first quarter, now holding approximately $41.69 million in shares.
• State Street recently announced a quarterly dividend of $0.84 per share, which is an increase from the previous $0.76, reflecting a yield of 2.9%.
• The company beat analysts' earnings expectations with a reported EPS of $2.53 for the last quarter, along with a year-over-year revenue increase of 2.9% to $3.47 billion.

Panagora Asset Management Inc. increased its position in State Street Corporation (NYSE:STT - Free Report) by 5,058.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 465,673 shares of the asset manager's stock after acquiring an additional 456,646 shares during the period. Panagora Asset Management Inc. owned about 0.16% of State Street worth $41,692,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in STT. Vident Advisory LLC increased its position in shares of State Street by 145.2% during the 1st quarter. Vident Advisory LLC now owns 13,673 shares of the asset manager's stock valued at $1,224,000 after purchasing an additional 8,096 shares during the last quarter. Evergreen Capital Management LLC raised its holdings in State Street by 5.1% in the first quarter. Evergreen Capital Management LLC now owns 12,364 shares of the asset manager's stock worth $1,107,000 after purchasing an additional 598 shares in the last quarter. Magnetar Financial LLC increased its position in shares of State Street by 102.2% during the first quarter. Magnetar Financial LLC now owns 8,427 shares of the asset manager's stock worth $754,000 after purchasing an additional 4,260 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in State Street in the first quarter worth about $90,000. Finally, Canada Pension Plan Investment Board lifted its stake in shares of State Street by 29.1% during the first quarter. Canada Pension Plan Investment Board now owns 580,636 shares of the asset manager's stock worth $51,984,000 after buying an additional 131,041 shares during the period. Institutional investors own 87.44% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the company. Truist Financial raised their price objective on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, August 14th. Morgan Stanley raised their price objective on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Evercore ISI boosted their price target on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Wells Fargo & Company upped their price objective on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $112.82.

State Street Price Performance

STT traded down $0.43 during trading on Wednesday, reaching $112.83. The stock had a trading volume of 1,575,198 shares, compared to its average volume of 2,054,157. The stock has a 50 day moving average of $110.54 and a two-hundred day moving average of $98.24. The firm has a market capitalization of $32.01 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 1.13 and a beta of 1.50. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $116.37.

State Street (NYSE:STT - Get Free Report) last released 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. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the prior year, the business earned $2.15 EPS. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal 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. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is 34.04%.

Insider Transactions at State Street

In other State Street 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 transaction of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by corporate 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.