State Street Corporation (NYSE:STT) Shares Acquired by LPL Financial LLC

Key Points

• LPL Financial LLC increased its stake in State Street Corporation by 6.6%, purchasing an additional 7,656 shares during the first quarter, bringing its total holdings to approximately $11.05 million.
• State Street recently announced a quarterly dividend increase to $0.84, which reflects a 3.1% yield and is up from the previous dividend of $0.76.
• Several analysts have boosted their price targets for State Street stock, with Wells Fargo raising it to $121.00, indicating strong future growth potential.

LPL Financial LLC increased its position in shares of State Street Corporation (NYSE:STT - Free Report) by 6.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 123,407 shares of the asset manager's stock after purchasing an additional 7,656 shares during the quarter. LPL Financial LLC's holdings in State Street were worth $11,049,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Northern Trust Corp increased its position in shares of State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after buying an additional 563,790 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in State Street by 10.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,664,062 shares of the asset manager's stock worth $261,478,000 after buying an additional 242,493 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in State Street by 236.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after buying an additional 1,622,408 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in State Street by 6.0% during the first quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after buying an additional 123,259 shares during the last quarter. Finally, Man Group plc lifted its stake in shares of State Street by 14.0% in the 4th quarter. Man Group plc now owns 2,154,515 shares of the asset manager's stock valued at $211,466,000 after purchasing an additional 265,176 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Stock Performance

NYSE STT opened at $109.87 on Friday. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $114.28. The stock has a market cap of $31.17 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.22 and a beta of 1.48. The business has a fifty day moving average of $105.17 and a 200-day moving average of $96.54. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 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 during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the previous year, the business earned $2.15 earnings per share. The business's revenue for the quarter was up 2.9% on a year-over-year basis. As a group, analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.1%. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's payout ratio is presently 34.04%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on STT shares. Wells Fargo & Company boosted their price objective on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. The Goldman Sachs Group increased their price objective on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods decreased their target price on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. 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 research report on Wednesday, July 16th. Finally, Evercore ISI increased their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $112.00.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company's stock.

State Street Profile

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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