Patton Fund Management Inc. Invests $268,000 in State Street Corporation $STT

Key Points

• Patton Fund Management Inc. has invested approximately $268,000 in State Street Corporation, acquiring 2,520 shares.
• State Street's recent quarterly earnings surpassed estimates, reporting $2.53 EPS against a consensus of $2.36, along with $3.47 billion in revenue.
• The company has increased its quarterly dividend from $0.76 to $0.84, translating to an annual yield of 2.9%.

Patton Fund Management Inc. purchased a new position in State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 2,520 shares of the asset manager's stock, valued at approximately $268,000.

Other institutional investors also recently made changes to their positions in the company. Eastern Bank raised its holdings in shares of State Street by 6,967.4% in the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock worth $267,646,000 after purchasing an additional 2,947,153 shares in the last quarter. Nuveen LLC bought a new stake in shares of State Street in the 1st quarter worth approximately $93,016,000. Invesco Ltd. raised its holdings in shares of State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock worth $732,775,000 after purchasing an additional 674,120 shares in the last quarter. Miller Howard Investments Inc. NY bought a new stake in shares of State Street in the 1st quarter worth approximately $42,504,000. Finally, Allianz Asset Management GmbH raised its holdings in shares of State Street by 404.7% in the 1st quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager's stock worth $52,469,000 after purchasing an additional 469,936 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 1.2%

State Street stock opened at $115.64 on Friday. The firm has a market cap of $32.81 billion, a PE ratio of 12.95, a P/E/G ratio of 1.13 and a beta of 1.50. 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 50 day moving average price is $112.32 and its two-hundred day moving average price is $100.48. State Street Corporation has a twelve month low of $72.81 and a twelve month 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. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.15 EPS. On average, research analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

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

Analyst Ratings Changes

STT has been the topic of a number of research reports. TD Cowen began coverage on shares of State Street in a report on Thursday. They issued a "buy" rating on the stock. Morgan Stanley boosted their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Truist Financial boosted their price target on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, August 14th. The Goldman Sachs Group boosted their price target on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company boosted their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Nine investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, State Street has a consensus rating of "Moderate Buy" and a consensus target price of $114.18.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.29% of the company's stock.

State Street 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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