Quantinno Capital Management LP Purchases 143,357 Shares of State Street Corporation $STT

Key Points

• Quantinno Capital Management increased its State Street position by 32.7%, purchasing 143,357 shares to hold 582,239 shares valued at approximately $73.7 million. Institutional investors collectively own 87.44% of the company.
• State Street reported strong quarterly results, with earnings of $3.65 per share and revenue of $4.05 billion, exceeding estimates and representing 23.3% year-over-year revenue growth.
• The company raised its quarterly dividend from $0.84 to $0.92 per share, equating to an annualized dividend of $3.68 and a 2.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $184.72.

Quantinno Capital Management LP grew its position in shares of State Street Corporation (NYSE:STT - Free Report) by 32.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 582,239 shares of the asset manager's stock after purchasing an additional 143,357 shares during the quarter. Quantinno Capital Management LP owned approximately 0.21% of State Street worth $73,688,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in STT. Chicago Partners Investment Group LLC boosted its position in State Street by 1.6% during the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager's stock worth $675,000 after buying an additional 83 shares during the period. Arjuna Capital increased its position in State Street by 0.4% in the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager's stock valued at $3,243,000 after acquiring an additional 95 shares during the period. Oregon Public Employees Retirement Fund raised its stake in shares of State Street by 0.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager's stock valued at $4,053,000 after acquiring an additional 100 shares during the last quarter. Bridgewater Advisors Inc. raised its stake in shares of State Street by 5.5% during the first quarter. Bridgewater Advisors Inc. now owns 1,945 shares of the asset manager's stock valued at $246,000 after acquiring an additional 101 shares during the last quarter. Finally, Security National Bank of SO Dak lifted its holdings in shares of State Street by 0.5% during the second quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager's stock worth $2,289,000 after purchasing an additional 105 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares of the company's stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business's stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 49,576 shares of company stock valued at $8,415,875. Corporate insiders own 0.27% of the company's stock.

State Street Trading Down 1.0%

NYSE:STT opened at $182.77 on Wednesday. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $192.51. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. The firm's fifty day moving average is $170.32 and its 200-day moving average is $146.79. The firm has a market cap of $50.59 billion, a P/E ratio of 16.12, a P/E/G ratio of 0.76 and a beta of 1.42.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. State Street's quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter last year, the firm earned $2.04 earnings per share. Equities analysts expect that State Street Corporation will post 13.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio (DPR) is 29.63%.

Analysts Set New Price Targets

Several brokerages recently weighed in on STT. Truist Financial reissued a "hold" rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Barclays raised their target price on State Street from $165.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Friday, July 17th. Royal Bank Of Canada lifted their target price on State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a report on Friday, July 17th. The Goldman Sachs Group upped their price target on State Street from $168.00 to $194.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Finally, Keefe, Bruyette & Woods increased their price target on State Street from $195.00 to $215.00 and gave the company an "outperform" rating in a research note on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $184.72.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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