25,773 Shares in State Street Corporation $STT Acquired by S&G Foundation

S&G Foundation purchased a new stake in State Street Corporation (NYSE:STT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 25,773 shares of the asset manager’s stock, valued at approximately $4,371,000. State Street accounts for 0.2% of S&G Foundation’s portfolio, making the stock its 13th largest position.

Several other hedge funds have also added to or reduced their stakes in the business. Brighton Jones LLC bought a new position in State Street during the fourth quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after purchasing an additional 918 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC raised its position in shares of State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after purchasing an additional 15,996 shares during the period. Finally, Woodline Partners LP lifted its stake in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after buying an additional 6,767 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on STT. The Goldman Sachs Group upped their price target on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Truist Financial reaffirmed a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research report on Friday, July 17th. UBS Group set a $176.00 target price on State Street in a research note on Friday, June 26th. Royal Bank Of Canada boosted their price target on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. Finally, Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Stock Performance

State Street stock opened at $187.22 on Friday. The business’s 50-day moving average price is $180.11 and its two-hundred day moving average price is $153.79. The stock has a market cap of $51.43 billion, a PE ratio of 16.51, a P/E/G ratio of 0.77 and a beta of 1.41. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.18. 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 (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating 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 business 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 EPS. The firm’s revenue was up 23.3% compared to the same quarter last year. As a group, analysts expect that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is presently 29.63%.

Insiders Place Their Bets

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. 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. Insiders have sold 49,576 shares of company stock valued at $8,415,875 in the last ninety days. 0.27% of the stock is currently owned by insiders.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.