Quantitative Investment Management LLC Boosts Stock Holdings in State Street Corporation $STT

Key Points

• Quantitative Investment Management LLC increased its stake in State Street Corporation by **136.1%**, acquiring a total of 7,370 shares valued at approximately **$659,000**.
• State Street recently declared a quarterly dividend of **$0.84 per share**, an increase from the previous **$0.76**, representing a **2.9%** dividend yield.
• Analysts maintain a consensus rating of **"Moderate Buy"** for State Street, with an average price target set at **$112.82**, following various upgrades from investment firms.

Quantitative Investment Management LLC boosted its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 136.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,370 shares of the asset manager's stock after purchasing an additional 4,248 shares during the period. Quantitative Investment Management LLC's holdings in State Street were worth $659,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Meeder Advisory Services Inc. increased its position in State Street by 2.0% in the first quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after buying an additional 114 shares during the period. Sequoia Financial Advisors LLC grew its holdings in State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock worth $395,000 after buying an additional 118 shares in the last quarter. Larson Financial Group LLC grew its holdings in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in State Street by 5.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock worth $201,000 after buying an additional 126 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in State Street by 13.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after buying an additional 134 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the business'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 transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by corporate insiders.

State Street Trading Down 0.5%

Shares of NYSE:STT opened at $114.93 on Tuesday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $115.87. The company has a 50 day moving average price of $108.73 and a 200 day moving average price of $97.55. 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 stock has a market capitalization of $32.61 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.13 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results 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 net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the previous year, the business earned $2.15 earnings per share. The firm's revenue was up 2.9% compared to the same quarter last year. On average, research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. 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 dividend yield of 2.9%. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is presently 37.63%.

Analyst Ratings Changes

STT has been the subject of a number of recent analyst reports. Citigroup increased their price objective on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Bank of America increased their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Truist Financial increased their price objective on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, August 14th. Wells Fargo & Company boosted their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Evercore ISI boosted their target price on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Seven 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $112.82.

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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