Principal Financial Group Inc. Increases Stake in State Street Corporation (NYSE:STT)

Principal Financial Group Inc. grew its position in State Street Corporation (NYSE:STT - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 339,406 shares of the asset manager's stock after acquiring an additional 5,242 shares during the period. Principal Financial Group Inc. owned about 0.12% of State Street worth $30,387,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. First Pacific Financial acquired a new position in shares of State Street during the first quarter worth about $25,000. Coppell Advisory Solutions LLC increased its stake in shares of State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after acquiring an additional 412 shares during the period. Golden State Wealth Management LLC increased its stake in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after acquiring an additional 310 shares during the period. MV Capital Management Inc. increased its stake in shares of State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after acquiring an additional 251 shares during the period. Finally, Loomis Sayles & Co. L P increased its stake in shares of State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock worth $47,000 after acquiring an additional 311 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Buying and Selling at State Street

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer owned 7,354 shares in the company, valued at $667,154.88. This trade represents a 15.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by company insiders.

State Street Stock Down 0.5%

STT stock opened at $109.74 on Tuesday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market capitalization of $31.30 billion, a PE ratio of 12.32, a P/E/G ratio of 1.28 and a beta of 1.45. The company's 50 day simple moving average is $98.22 and its 200-day simple moving average is $94.62. State Street Corporation has a 12 month low of $72.65 and a 12 month high of $110.97.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping analysts' consensus estimates of $1.98 by $0.06. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. State Street had a net margin of 12.85% and a return on equity of 12.79%. During the same quarter last year, the firm posted $1.69 earnings per share. Equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.77%. State Street's dividend payout ratio (DPR) is presently 34.12%.

Analysts Set New Price Targets

STT has been the topic of a number of recent analyst reports. Wells Fargo & Company dropped their price target on shares of State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Keefe, Bruyette & Woods lowered their target price on shares of State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Bank of America upped their target price on shares of State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 2nd. Morgan Stanley upped their target price on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Finally, Truist Financial upped their target price on shares of State Street from $112.00 to $122.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, State Street has a consensus rating of "Hold" and an average target price of $106.46.

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.

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