IPG Investment Advisors LLC Makes New $2.03 Million Investment in State Street Corporation $STT

IPG Investment Advisors LLC purchased a new position in State Street Corporation (NYSE:STT) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 11,952 shares of the asset manager’s stock, valued at approximately $2,027,000.

Several other hedge funds also recently modified their holdings of the company. California State Teachers Retirement System lifted its stake in State Street by 16,194.0% during the second quarter. California State Teachers Retirement System now owns 76,843,386 shares of the asset manager’s stock valued at $13,032,638,000 after purchasing an additional 76,371,782 shares during the last quarter. BlackRock Inc. bought a new position in shares of State Street in the second quarter valued at $4,139,389,000. Regents of The University of California increased its holdings in shares of State Street by 15.6% in the first quarter. Regents of The University of California now owns 10,065,118 shares of the asset manager’s stock valued at $1,273,841,000 after buying an additional 1,358,923 shares in the last quarter. Morgan Stanley raised its position in shares of State Street by 9.0% during the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock worth $673,740,000 after purchasing an additional 433,201 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in shares of State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after purchasing an additional 1,074,174 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Up 0.1%

NYSE:STT opened at $192.03 on Thursday. The firm has a market capitalization of $52.75 billion, a P/E ratio of 16.93, a P/E/G ratio of 0.91 and a beta of 1.41. The stock’s fifty day simple moving average is $185.90 and its 200-day simple moving average is $159.65. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.93.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter in the prior year, the firm earned $2.04 earnings per share. The firm’s revenue was up 23.3% compared to the same quarter last year. Equities research analysts expect that State Street Corporation will post 13.76 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is 29.63%.

Insider Activity

In related news, CEO Ronald O’Hanley sold 14,553 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the company’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Morgan Stanley increased their price target on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Bank of America lifted their target price on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Truist Financial reiterated a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Finally, Barclays raised their price target on shares of State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

About State Street

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.