Mackenzie Financial Corp Acquires 2,521 Shares of State Street Corporation (NYSE:STT)

Key Points

• Mackenzie Financial Corp has increased its stake in State Street Corporation by 2.1%, now owning 123,247 shares valued at approximately $11 million.
• State Street announced a quarterly dividend of $0.84 per share, up from $0.76, with a 3.0% dividend yield.
• The company reported stronger-than-expected earnings of $2.53 per share for the last quarter, surpassing analysts' expectations and marking a 2.9% increase in revenue year-over-year.

Mackenzie Financial Corp grew its position in State Street Corporation (NYSE:STT - Free Report) by 2.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 123,247 shares of the asset manager's stock after buying an additional 2,521 shares during the quarter. Mackenzie Financial Corp's holdings in State Street were worth $11,034,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. First Pacific Financial purchased a new stake in State Street during the 1st quarter worth about $25,000. Larson Financial Group LLC boosted its stake 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 during the last quarter. Coppell Advisory Solutions LLC boosted its stake in State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after buying an additional 412 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after buying an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. increased its holdings in State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after purchasing an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on STT. The Goldman Sachs Group boosted their price target on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Truist Financial reduced their price objective on State Street from $122.00 to $116.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Barclays reduced their price objective on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Finally, Citigroup boosted their price target on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $112.00.

Insider Buying and Selling at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the transaction, the chief accounting officer directly owned 7,354 shares of the company's stock, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction dated 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 $4,517,174.28. This trade represents a 2.34% decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.

State Street Price Performance

Shares of State Street stock traded down $3.20 during trading on Friday, hitting $108.55. The stock had a trading volume of 1,984,159 shares, compared to its average volume of 2,338,531. 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 $30.96 billion, a P/E ratio of 12.16, a PEG ratio of 1.21 and a beta of 1.48. The business has a fifty day moving average of $104.11 and a two-hundred day moving average of $96.23. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $114.28.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%. State Street's revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.15 earnings per share. On average, sell-side analysts expect 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 given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.1%. State Street's payout ratio is presently 34.04%.

State Street Company 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.