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Retirement Planning Co of New England Inc. Invests $242,000 in State Street Corporation (NYSE:STT)

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Retirement Planning Co of New England Inc. bought a new stake in State Street Corporation (NYSE:STT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,700 shares of the asset manager's stock, valued at approximately $242,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in State Street by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock worth $30,387,000 after purchasing an additional 5,242 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of State Street by 127.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock worth $2,728,000 after acquiring an additional 17,201 shares in the last quarter. Index Fund Advisors Inc. acquired a new stake in shares of State Street during the first quarter worth $505,000. Bank of New York Mellon Corp boosted its stake in State Street by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after purchasing an additional 123,259 shares during the period. Finally, Pacific Heights Asset Management LLC increased its holdings in State Street by 9.1% during the 1st quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock worth $5,372,000 after purchasing an additional 5,000 shares in the last quarter. Institutional investors own 87.44% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday. Keefe, Bruyette & Woods dropped their price target 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 lifted their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday. Evercore ISI lifted their price target on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company upped 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $112.00.

Get Our Latest Report on State Street

Insider Buying and Selling at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.29% of the company's stock.

State Street Stock Performance

Shares of NYSE STT opened at $107.46 on Friday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market cap of $30.64 billion, a price-to-earnings ratio of 12.03, a P/E/G ratio of 1.21 and a beta of 1.45. The stock's fifty day moving average price is $101.02 and its two-hundred day moving average price is $95.17. State Street Corporation has a one year low of $72.81 and a one year high of $110.97.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $3.33 billion. During the same period in the prior year, the company posted $2.15 earnings per share. State Street's revenue was up 2.9% compared to the same quarter last year. On average, equities analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 3.13%. State Street's payout ratio is presently 34.04%.

State Street Company Profile

(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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Institutional Ownership by Quarter for State Street (NYSE:STT)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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