Quantbot Technologies LP Grows Stock Position in State Street Corporation $STT

Key Points

• Quantbot Technologies LP significantly increased its holdings in State Street Corporation by 315.9% in the first quarter, bringing its total to 72,895 shares valued at approximately $6.5 million.
• State Street recently declared a quarterly dividend of $0.84 per share, an increase from the previous $0.76, representing an annualized yield of 3.0%.
• The company's latest earnings report showed an earnings per share of $2.53, exceeding expectations, with revenue rising by 2.9% year-over-year to $3.47 billion.

Quantbot Technologies LP grew its holdings in State Street Corporation (NYSE:STT - Free Report) by 315.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 72,895 shares of the asset manager's stock after purchasing an additional 55,370 shares during the period. Quantbot Technologies LP's holdings in State Street were worth $6,526,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Korea Investment CORP boosted its stake in shares of State Street by 4.2% during the first quarter. Korea Investment CORP now owns 228,749 shares of the asset manager's stock valued at $20,480,000 after purchasing an additional 9,197 shares during the period. Northern Trust Corp lifted its holdings in State Street by 2.8% during the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock valued at $381,770,000 after buying an additional 115,751 shares in the last quarter. Brooklyn Investment Group lifted its holdings in State Street by 63.1% during the 1st quarter. Brooklyn Investment Group now owns 1,486 shares of the asset manager's stock valued at $133,000 after buying an additional 575 shares in the last quarter. Affinity Investment Advisors LLC purchased a new stake in State Street in the 1st quarter valued at about $382,000. Finally, Northwest & Ethical Investments L.P. increased its position in shares of State Street by 42.0% during the first quarter. Northwest & Ethical Investments L.P. now owns 33,495 shares of the asset manager's stock worth $2,999,000 after acquiring an additional 9,905 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Insider Transactions at State Street

In other State Street 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 transaction of $108,197.10. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.29% of the stock is owned by company insiders.

State Street Stock Up 2.7%

Shares of State Street stock traded up $3.0010 on Friday, reaching $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 capitalization of $32.73 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.10 and a beta of 1.48. The company has a 50 day moving average price of $108.38 and a 200 day moving average price of $97.47. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $115.65.

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 for the quarter, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. State Street's revenue was up 2.9% compared to the same quarter last year. During the same period last year, the firm earned $2.15 earnings per share. As a group, equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. 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. State Street's payout ratio is currently 37.63%.

Analyst Ratings Changes

STT has been the subject of a number of research reports. Evercore ISI boosted their price target on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Bank of America lifted their target price on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Truist Financial increased their price target on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, August 14th. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Finally, Wells Fargo & Company upped their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Seven research 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.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $112.82.

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.