State Street Corporation (NYSE:STT) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in State Street Corporation (NYSE:STT - Free Report) by 6.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 2,186,569 shares of the asset manager's stock after acquiring an additional 123,259 shares during the period. Bank of New York Mellon Corp owned 0.76% of State Street worth $195,764,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of STT. Norges Bank acquired a new position in State Street in the 4th quarter valued at $161,021,000. Price T Rowe Associates Inc. MD increased its holdings in shares of State Street by 236.3% during the 4th 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. FMR LLC increased its holdings in shares of State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after buying an additional 870,849 shares during the last quarter. Azora Capital LP acquired a new stake in shares of State Street during the 4th quarter worth $80,294,000. Finally, Northern Trust Corp boosted its position in State Street by 15.7% during the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after purchasing an additional 563,790 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at State Street

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% of the company's stock.

State Street Price Performance

STT opened at $109.74 on Tuesday. The firm has a market cap of $31.30 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 1.28 and a beta of 1.45. State Street Corporation has a fifty-two week low of $72.65 and a fifty-two week high of $110.97. The company's 50-day moving average price is $98.22 and its 200 day moving average price is $94.62. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a net margin of 12.85% and a return on equity of 12.79%. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. During the same quarter in the prior year, the business earned $1.69 earnings per share. As a group, sell-side analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 annualized dividend and a dividend yield of 2.77%. State Street's payout ratio is currently 34.12%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America upped their price target on shares of State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 2nd. Morgan Stanley upped their price target on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Barclays decreased their price objective on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Cfra Research cut shares of State Street from a "moderate buy" rating to a "hold" rating in a research report on Thursday, May 29th. Finally, The Goldman Sachs Group upped their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $106.46.

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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