Adage Capital Partners GP L.L.C. reduced its stake in State Street Corporation (NYSE:STT - Free Report) by 3.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 263,232 shares of the asset manager's stock after selling 10,700 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.09% of State Street worth $23,567,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Eastern Bank raised its holdings in shares of State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock worth $267,646,000 after acquiring an additional 2,947,153 shares in the last quarter. Nuveen LLC purchased a new position in shares of State Street during the 1st quarter worth about $93,016,000. Invesco Ltd. grew its stake in shares of State Street by 9.0% during the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after buying an additional 674,120 shares during the last quarter. Miller Howard Investments Inc. NY bought a new position in State Street in the 1st quarter valued at $42,504,000. Finally, Allianz Asset Management GmbH grew its position in State Street by 404.7% in the 1st quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager's stock valued at $52,469,000 after acquiring an additional 469,936 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on STT. Truist Financial upped their price target on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, August 14th. The Goldman Sachs Group increased 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. Evercore ISI lifted their price target on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company raised their price target on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Finally, Morgan Stanley raised their target price on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $114.18.
View Our Latest Research Report on STT
Insider Transactions at State Street
In other State Street news, EVP Michael L. Richards sold 990 shares of State Street 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 completion of the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by company insiders.
State Street Trading Down 0.9%
State Street stock traded down $1.07 during trading on Friday, reaching $112.99. 2,598,760 shares of the company were exchanged, compared to its average volume of 1,584,270. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37. The stock's 50 day simple moving average is $111.02 and its two-hundred day simple moving average is $98.52. The company has a market capitalization of $32.06 billion, a P/E ratio of 12.65, a PEG ratio of 1.11 and a beta of 1.50.
State Street (NYSE:STT - Get Free Report) last posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. During the same quarter last year, the firm earned $2.15 earnings per share. The firm's quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.
State Street Increases Dividend
The business also recently disclosed 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. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 1st. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is 34.04%.
About State Street
(
Free Report)
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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