2,736 Shares in State Street Corporation (NYSE:STT) Bought by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC bought a new position in shares of State Street Corporation (NYSE:STT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,736 shares of the asset manager's stock, valued at approximately $245,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. First Pacific Financial bought a new position in shares of State Street during the first quarter valued at $25,000. Larson Financial Group LLC grew its holdings in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after purchasing an additional 118 shares during the period. Coppell Advisory Solutions LLC grew its holdings in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after purchasing an additional 412 shares during the period. Golden State Wealth Management LLC grew its holdings in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after purchasing an additional 310 shares during the period. Finally, MV Capital Management Inc. grew its holdings in State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after purchasing an additional 251 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Ratings Changes

STT has been the subject of a number of analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a report on Monday, April 21st. Truist Financial dropped their price target on shares of State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Wells Fargo & Company raised their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Morgan Stanley raised their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, The Goldman Sachs Group raised their price target 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $112.00.

State Street Price Performance

Shares of STT traded up $0.97 during mid-day trading on Thursday, reaching $111.62. The stock had a trading volume of 520,703 shares, compared to its average volume of 2,131,478. The firm has a market cap of $31.83 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.22 and a beta of 1.45. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $111.59. The business has a fifty day moving average of $102.05 and a 200 day moving average of $95.48. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates 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 for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.15 earnings per share. Equities analysts predict 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. 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 represents a $3.36 annualized dividend and a dividend yield of 3.01%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is currently 34.04%.

Insider Buying and Selling at State Street

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer directly owned 7,354 shares in the company, valued at approximately $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.29% of the company's stock.

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.