USA Financial Formulas Purchases Shares of 11,761 State Street Co. (NYSE:STT)

USA Financial Formulas purchased a new stake in shares of State Street Co. (NYSE:STT - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund purchased 11,761 shares of the asset manager's stock, valued at approximately $1,053,000.

A number of other hedge funds have also added to or reduced their stakes in STT. Assenagon Asset Management S.A. lifted its position in shares of State Street by 10.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 11,400 shares of the asset manager's stock worth $1,021,000 after buying an additional 1,125 shares in the last quarter. MV Capital Management Inc. lifted its position in shares of State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after buying an additional 251 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of State Street by 504.7% during the 1st quarter. SG Americas Securities LLC now owns 101,965 shares of the asset manager's stock worth $9,129,000 after buying an additional 85,104 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of State Street by 14.7% during the 1st quarter. GAMMA Investing LLC now owns 3,674 shares of the asset manager's stock worth $329,000 after buying an additional 472 shares in the last quarter. Finally, Investment Advisory Group LLC bought a new position in shares of State Street during the 1st quarter worth approximately $211,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Morgan Stanley set a $110.00 price objective on State Street and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Truist Financial raised shares of State Street from a "hold" rating to a "buy" rating and upped their price target for the stock from $85.00 to $112.00 in a report on Wednesday, May 28th. Barclays decreased their price target on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. The Goldman Sachs Group set a $98.00 target price on shares of State Street and gave the stock a "buy" rating in a research report on Thursday, April 17th. Finally, Wells Fargo & Company cut their price target on shares of State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, State Street has a consensus rating of "Hold" and an average price target of $102.54.

Insider Activity

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 value of $117,936.00. Following the sale, the chief accounting officer now owns 7,354 shares in the company, 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 document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company's stock.

State Street Trading Up 0.2%

STT stock traded up $0.23 during trading on Thursday, reaching $97.53. The company had a trading volume of 1,476,748 shares, compared to its average volume of 2,105,948. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The business has a 50 day moving average of $90.79 and a 200 day moving average of $94.08. The company has a market cap of $27.81 billion, a P/E ratio of 11.84, a PEG ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating analysts' consensus estimates of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter last year, the firm earned $1.69 earnings per share. As a group, sell-side analysts forecast that State Street Co. 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. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Tuesday, July 1st. State Street's payout ratio is 34.12%.

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.