Xponance Inc. grew its position in shares of State Street Corporation (NYSE:STT - Free Report) by 38.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,008 shares of the asset manager's stock after purchasing an additional 16,511 shares during the quarter. Xponance Inc.'s holdings in State Street were worth $5,283,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in STT. Principal Financial Group Inc. lifted its stake in State Street by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock valued at $30,387,000 after buying an additional 5,242 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of State Street by 127.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock worth $2,728,000 after acquiring an additional 17,201 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of State Street by 6.0% during the first quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after purchasing an additional 123,259 shares in the last quarter. Index Fund Advisors Inc. acquired a new position in State Street in the 1st quarter valued at $505,000. Finally, Pacific Heights Asset Management LLC lifted its holdings in State Street by 9.1% in the 1st quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock valued at $5,372,000 after purchasing an additional 5,000 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.
State Street Stock Down 5.8%
STT traded down $6.43 on Tuesday, hitting $103.60. 2,788,860 shares of the company were exchanged, compared to its average volume of 2,113,525. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $110.97. The company has a market cap of $29.54 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 1.25 and a beta of 1.45. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07. The firm has a 50-day moving average price of $100.25 and a two-hundred day moving average price of $94.99.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.98 by $0.06. State Street had a return on equity of 12.79% and a net margin of 12.85%. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same period in the prior year, the company posted $1.69 earnings per share. On average, equities analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.
State Street Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, July 11th. Investors of record on Tuesday, July 1st were given a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, July 1st. This represents a $3.04 annualized dividend and a yield of 2.93%. State Street's dividend payout ratio (DPR) is 34.12%.
Analysts Set New Price Targets
A number of research analysts have weighed in on STT shares. Bank of America raised their target price on shares of State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 2nd. Cfra Research downgraded State Street from a "moderate buy" rating to a "hold" rating in a research report on Thursday, May 29th. Citigroup upped their target price on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Truist Financial upped their price objective on shares of State Street from $112.00 to $122.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $109.92.
Get Our Latest Report on State Street
Insider Buying and Selling
In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was 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 directly owned 7,354 shares of the company's stock, valued at $667,154.88. This represents a 15.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.
State Street Profile
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Free Report)
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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