Strs Ohio Buys Shares of 247,025 State Street Corporation $STT

Key Points

• Strs Ohio has acquired a new stake of 247,025 shares in State Street Corporation, valued at approximately $22.1 million, representing about 0.09% of the company's total shares.
• State Street recently announced an increase in its quarterly dividend from $0.76 to $0.84, resulting in an annual yield of 3.0%.
• Analysts have high expectations for State Street, with a consensus price target of $114.18 and eight analysts rating the stock as a "Buy."

Strs Ohio purchased a new stake in shares of State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 247,025 shares of the asset manager's stock, valued at approximately $22,116,000. Strs Ohio owned about 0.09% of State Street at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of STT. Brighton Jones LLC bought a new stake in shares of State Street during the 4th quarter valued at about $296,000. Gotham Asset Management LLC boosted its position in shares of State Street by 22.3% during the 4th quarter. Gotham Asset Management LLC now owns 20,906 shares of the asset manager's stock valued at $2,052,000 after acquiring an additional 3,817 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of State Street by 4.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,305 shares of the asset manager's stock valued at $3,073,000 after acquiring an additional 1,252 shares during the last quarter. NorthRock Partners LLC bought a new stake in shares of State Street during the 4th quarter valued at about $402,000. Finally, Mufg Securities Americas Inc. bought a new stake in shares of State Street during the 4th quarter valued at about $477,000. Institutional investors own 87.44% of the company's stock.

State Street Stock Performance

NYSE:STT opened at $112.40 on Friday. The business has a 50 day moving average of $111.35 and a 200 day moving average of $98.98. The company has a market capitalization of $31.89 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.10 and a beta of 1.50. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $116.37. 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 (NYSE:STT - Get Free Report) last announced its quarterly earnings data 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. State Street had a return on equity of 12.96% and a net margin of 12.59%.The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the previous year, the company posted $2.15 earnings per share. The business's revenue was up 2.9% on a year-over-year basis. On average, sell-side analysts predict 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. Shareholders of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.0%. State Street's dividend payout ratio is presently 37.63%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction that occurred on 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 in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of research analyst reports. Citigroup upgraded State Street from a "neutral" rating to a "buy" rating and lifted their price target for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Wells Fargo & Company lifted their price target on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group boosted their target price on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Evercore ISI boosted their target price on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $114.18.

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.

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