Voya Investment Management LLC Grows Holdings in State Street Corporation $STT

Key Points

• Voya Investment Management LLC increased its stake in State Street Corporation by 2.5%, now holding 132,133 shares worth approximately $11.8 million.
• State Street's recent quarterly earnings report exceeded expectations, posting $2.53 earnings per share compared to an estimate of $2.36, with revenue also surpassing forecasts.
• The company announced a quarterly dividend of $0.84 per share, up from the previous $0.76, reflecting a positive outlook as it maintains a payout ratio of 34.04%.

Voya Investment Management LLC grew its holdings in State Street Corporation (NYSE:STT - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 132,133 shares of the asset manager's stock after purchasing an additional 3,195 shares during the quarter. Voya Investment Management LLC's holdings in State Street were worth $11,830,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in STT. Brighton Jones LLC purchased a new position in State Street in the fourth quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in State Street by 4.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,305 shares of the asset manager's stock worth $3,073,000 after acquiring an additional 1,252 shares during the last quarter. Royal Bank of Canada lifted its stake in State Street by 16.7% in the fourth quarter. Royal Bank of Canada now owns 491,217 shares of the asset manager's stock worth $48,213,000 after acquiring an additional 70,213 shares during the last quarter. Toronto Dominion Bank lifted its stake in State Street by 4.4% in the fourth quarter. Toronto Dominion Bank now owns 162,126 shares of the asset manager's stock worth $15,912,000 after acquiring an additional 6,907 shares during the last quarter. Finally, Tidal Investments LLC raised its holdings in State Street by 15.9% during the fourth quarter. Tidal Investments LLC now owns 10,248 shares of the asset manager's stock worth $998,000 after purchasing an additional 1,404 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Wells Fargo & Company lifted their target price on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Morgan Stanley lifted their target price on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Evercore ISI lifted their target price on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Finally, Bank of America lifted their target price on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $114.18.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.29% of the company's stock.

State Street Trading Up 0.1%

NYSE:STT traded up $0.17 on Friday, reaching $113.39. The stock had a trading volume of 3,268,706 shares, compared to its average volume of 1,688,894. The company has a market cap of $32.17 billion, a price-to-earnings ratio of 12.70, a P/E/G ratio of 1.11 and a beta of 1.50. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The firm's fifty day moving average is $111.60 and its two-hundred day moving average is $99.52. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $116.37.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts' consensus estimates 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 in the prior year, the company posted $2.15 EPS. The company's quarterly revenue was up 2.9% compared to the same quarter last year. Equities analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. State Street's dividend payout ratio is currently 34.04%.

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.