Verdence Capital Advisors LLC Invests $245,000 in State Street Corporation (NYSE:STT)

Verdence Capital Advisors LLC acquired a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 2,736 shares of the asset manager's stock, valued at approximately $245,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of STT. Norges Bank acquired a new stake in shares of State Street during the fourth quarter valued at about $161,021,000. Price T Rowe Associates Inc. MD increased its position in shares of State Street by 236.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock valued at $226,642,000 after acquiring an additional 1,622,408 shares during the last quarter. FMR LLC grew its holdings in shares of State Street by 14.2% in the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock valued at $685,441,000 after purchasing an additional 870,849 shares in the last quarter. Azora Capital LP acquired a new position in shares of State Street in the fourth quarter valued at approximately $80,294,000. Finally, Northern Trust Corp lifted its stake in State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after acquiring an additional 563,790 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

STT has been the subject of several research reports. Wells Fargo & Company upped 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. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. The Goldman Sachs Group upped their price target on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods lowered their price target on shares of State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Finally, Truist Financial lowered 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 note on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $112.00.

Insider Buying and Selling at State Street

In other 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 transaction of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.29% of the company's stock.

State Street Stock Up 1.5%

NYSE:STT traded up $1.66 during trading hours on Tuesday, hitting $109.75. The stock had a trading volume of 1,874,817 shares, compared to its average volume of 2,113,239. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $110.97. The business has a 50 day simple moving average of $101.31 and a two-hundred day simple moving average of $95.20. The company has a market cap of $31.30 billion, a PE ratio of 12.29, a price-to-earnings-growth ratio of 1.21 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter last year, the company earned $2.15 earnings per share. State Street's revenue for the quarter was up 2.9% on a year-over-year basis. Analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.06%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is presently 34.04%.

State Street Company Profile

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.