Northwest & Ethical Investments L.P. Has $3 Million Stock Position in State Street Corporation $STT

Key Points

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Northwest & Ethical Investments L.P. grew its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 42.0% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 33,495 shares of the asset manager's stock after acquiring an additional 9,905 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in State Street were worth $2,999,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Raymond James Financial Inc. lifted its position in shares of State Street by 9.3% during the 1st quarter. Raymond James Financial Inc. now owns 490,987 shares of the asset manager's stock valued at $43,958,000 after acquiring an additional 41,979 shares during the period. American Century Companies Inc. lifted its position in shares of State Street by 4.6% during the 1st quarter. American Century Companies Inc. now owns 351,064 shares of the asset manager's stock valued at $31,431,000 after acquiring an additional 15,396 shares during the period. Ethic Inc. lifted its position in shares of State Street by 13.2% during the 1st quarter. Ethic Inc. now owns 46,466 shares of the asset manager's stock valued at $4,127,000 after acquiring an additional 5,416 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of State Street by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock valued at $274,732,000 after acquiring an additional 14,011 shares during the period. Finally, Providence Capital Advisors LLC bought a new stake in shares of State Street during the 1st quarter valued at $2,245,000. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the 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 completion of the sale, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

STT has been the topic of several research analyst reports. Morgan Stanley raised their price objective on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. The Goldman Sachs Group increased their target price on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Truist Financial increased their target price on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, August 14th. Finally, Bank of America increased their target price on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, State Street presently has a consensus rating of "Moderate Buy" and an average target price of $112.82.

State Street Trading Up 2.7%

State Street stock traded up $3.0010 during trading hours on Friday, hitting $115.3610. The stock had a trading volume of 2,144,667 shares, compared to its average volume of 1,591,367. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market cap of $32.73 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 1.10 and a beta of 1.48. State Street Corporation has a one year low of $72.81 and a one year high of $115.65. The business's 50 day simple moving average is $108.38 and its 200-day simple moving average is $97.47.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business's quarterly revenue was up 2.9% on a year-over-year basis. During the same period last year, the company earned $2.15 earnings per share. On average, equities analysts predict that State Street Corporation will post 9.68 EPS 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. 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 dividend yield of 2.9%. State Street's payout ratio is currently 37.63%.

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.