Prudential PLC raised its holdings in State Street Corporation (NYSE:STT - Free Report) by 1,045.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 63,762 shares of the asset manager's stock after buying an additional 58,194 shares during the quarter. Prudential PLC's holdings in State Street were worth $5,709,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in STT. First Pacific Financial purchased a new position in shares of State Street in the first quarter worth $25,000. Larson Financial Group LLC raised its stake in shares of State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after purchasing an additional 118 shares during the last quarter. Coppell Advisory Solutions LLC raised its stake in shares of State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after purchasing an additional 412 shares during the last quarter. Golden State Wealth Management LLC increased its position in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after acquiring an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. increased its position in State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after acquiring an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.
State Street Price Performance
Shares of NYSE:STT traded down $2.51 during mid-day trading on Friday, reaching $111.09. The stock had a trading volume of 1,291,661 shares, compared to its average volume of 1,808,919. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market cap of $31.52 billion, a P/E ratio of 12.44, a price-to-earnings-growth ratio of 1.22 and a beta of 1.48. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $114.28. The business's 50 day moving average price is $106.93 and its 200 day moving average price is $97.06.
State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the prior year, the business posted $2.15 earnings per share. The company's quarterly revenue was up 2.9% compared to the same quarter last year. Research analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.
State Street Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a $0.84 dividend. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. State Street's payout ratio is currently 34.04%.
Wall Street Analyst Weigh In
A number of research firms recently commented on STT. The Goldman Sachs Group upped their price objective on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company boosted their price target on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Truist Financial boosted their price target on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a report on Thursday. Barclays cut their price target on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Keefe, Bruyette & Woods cut their price target on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $112.82.
View Our Latest Stock Analysis on STT
Insider Buying and Selling
In other State Street news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction that occurred 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 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. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.29% of the stock is currently owned by corporate insiders.
About State Street
(
Free Report)
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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