Illinois Municipal Retirement Fund Has $4.88 Million Stake in State Street Corporation (NYSE:STT)

Illinois Municipal Retirement Fund lifted its holdings in State Street Corporation (NYSE:STT - Free Report) by 26.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 54,543 shares of the asset manager's stock after purchasing an additional 11,279 shares during the quarter. Illinois Municipal Retirement Fund's holdings in State Street were worth $4,883,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of STT. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in State Street by 3.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock worth $44,725,000 after purchasing an additional 14,476 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in State Street by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after buying an additional 10,404 shares in the last quarter. Stonegate Investment Group LLC acquired a new position in State Street in the first quarter worth approximately $487,000. Bank of Montreal Can increased its holdings in shares of State Street by 54.6% in the fourth quarter. Bank of Montreal Can now owns 720,909 shares of the asset manager's stock valued at $70,757,000 after buying an additional 254,510 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of State Street during the 4th quarter valued at $44,070,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 0.5%

STT stock traded up $0.52 during midday trading on Monday, reaching $106.52. The company had a trading volume of 285,384 shares, compared to its average volume of 2,101,812. The company has a 50 day moving average of $95.40 and a two-hundred day moving average of $94.16. The company has a market capitalization of $30.38 billion, a P/E ratio of 11.95, a PEG ratio of 1.24 and a beta of 1.45. State Street Corporation has a 1 year low of $71.24 and a 1 year high of $106.71. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07.

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

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 annualized dividend and a dividend yield of 2.85%. State Street's dividend payout ratio is 34.12%.

Insider Activity at State Street

In related 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 transaction of $117,936.00. Following the transaction, the chief accounting officer now owns 7,354 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Morgan Stanley set a $110.00 target price on State Street and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Keefe, Bruyette & Woods decreased their target price on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Cfra Research lowered shares of State Street from a "moderate buy" rating to a "hold" rating in a report on Thursday, May 29th. Truist Financial raised shares of State Street from a "hold" rating to a "buy" rating and raised their price objective for the stock from $85.00 to $112.00 in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company lowered their price objective on shares of State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, State Street presently has an average rating of "Hold" and a consensus price target of $102.54.

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.