Retirement Planning Co of New England Inc. Acquires New Position in State Street Corporation $STT

Key Points

• Retirement Planning Co of New England Inc. acquired 2,700 shares of State Street Corporation (NYSE: STT), valued at approximately $242,000, in the first quarter.
• State Street announced a quarterly dividend increase to $0.84, with a yield of 2.9%, due to be paid on October 14th.
• Several analysts have recently raised their price targets for State Street, with Truist Financial increasing theirs from $116.00 to $125.00 and giving a "buy" rating.

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

Several other hedge funds and other institutional investors have also recently modified their holdings of STT. Eastern Bank lifted its stake in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock worth $267,646,000 after buying an additional 2,947,153 shares in the last quarter. Nuveen LLC purchased a new position in shares of State Street in the first quarter worth about $93,016,000. Azora Capital LP purchased a new position in shares of State Street in the fourth quarter worth about $80,294,000. Invesco Ltd. lifted its stake in shares of State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock worth $732,775,000 after buying an additional 674,120 shares in the last quarter. Finally, Miller Howard Investments Inc. NY purchased a new position in State Street during the first quarter worth about $42,504,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Down 0.9%

Shares of State Street stock traded down $1.07 on Friday, reaching $112.99. The company had a trading volume of 2,598,760 shares, compared to its average volume of 1,513,550. The firm's 50 day moving average price is $111.02 and its two-hundred day moving average price is $98.53. The firm has a market cap of $32.06 billion, a PE ratio of 12.65, a PEG ratio of 1.12 and a beta of 1.50. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

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. The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business's revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.15 EPS. Sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. State Street's payout ratio is presently 34.04%.

Analysts Set New Price Targets

STT has been the topic of a number of analyst reports. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $115.00 to $130.00 in a research note on Friday. Morgan Stanley lifted their target price on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Evercore ISI lifted their target price on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. The Goldman Sachs Group lifted their target price on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Truist Financial lifted their target price on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, August 14th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $114.18.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 owned 41,332 shares in the company, 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 document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

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.