State Street Corporation $STT Shares Purchased by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. increased its stake in State Street Corporation by 16.8%, acquiring an additional 387,196 shares and now holds 2,696,326 shares valued at approximately $241 million.
• State Street recently announced an increase in its quarterly dividend from $0.76 to $0.84 per share, representing a yield of 2.9% and confirming its commitment to returning value to shareholders.
• Wall Street analysts have positive outlooks on State Street, with target price upgrades from several firms, resulting in a consensus rating of "Moderate Buy" and a target price of $112.82.

Price T Rowe Associates Inc. MD increased its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 16.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,696,326 shares of the asset manager's stock after buying an additional 387,196 shares during the period. Price T Rowe Associates Inc. MD owned about 0.95% of State Street worth $241,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. First Pacific Financial purchased a new position in shares of State Street during the 1st quarter valued at approximately $25,000. Capital Analysts LLC lifted its position in shares of State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after buying an additional 274 shares in the last quarter. Larson Financial Group LLC lifted its position 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 in the last quarter. Coppell Advisory Solutions LLC lifted its position 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 in the last quarter. Finally, Golden State Wealth Management LLC lifted its position 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 in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Buying and Selling at State Street

In other 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 transaction 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 represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on STT shares. Citigroup increased 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. Wells Fargo & Company increased their price objective on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Morgan Stanley increased their price objective on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Bank of America increased 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. Finally, Truist Financial increased 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. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $112.82.

State Street Trading Down 0.7%

Shares of STT traded down $0.84 during midday trading on Wednesday, reaching $114.98. The company had a trading volume of 1,724,646 shares, compared to its average volume of 2,069,612. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $116.37. The stock has a market cap of $32.62 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.13 and a beta of 1.48. The firm has a 50 day simple moving average of $109.12 and a 200-day simple moving average of $97.68. 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 (NYSE:STT - Get Free Report) last issued its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same period last year, the company earned $2.15 EPS. The company's revenue for the quarter was up 2.9% on a year-over-year basis. Research analysts forecast that State Street Corporation will post 9.68 EPS 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. Shareholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. State Street's dividend payout ratio is 34.04%.

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.