Public Employees Retirement System of Ohio Makes New $23.01 Million Investment in State Street Corporation $STT

Public Employees Retirement System of Ohio bought a new stake in State Street Corporation (NYSE:STT) during the second quarter, Holdings Channel.com reports. The fund bought 135,689 shares of the asset manager’s stock, valued at approximately $23,013,000.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of State Street during the 2nd quarter valued at about $4,139,389,000. Regents of The University of California boosted its holdings in shares of State Street by 211.2% during the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares during the period. Norges Bank purchased a new stake in State Street in the 4th quarter worth approximately $303,483,000. Legal & General Group Plc bought a new stake in State Street in the second quarter valued at $330,849,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of State Street during the 2nd quarter valued at about $301,393,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 company’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,811 shares of company stock valued at $4,723,982 in the last three months. 0.27% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently weighed in on STT shares. Weiss Ratings restated a “buy (b+)” rating on shares of State Street in a research report on Tuesday. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Bank of America upped 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 reissued a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a report on Friday, July 17th. Finally, Keefe, Bruyette & Woods raised their target price on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, State Street has a consensus rating of “Moderate Buy” and an average target price of $185.38.

State Street Price Performance

NYSE:STT opened at $193.42 on Friday. The business’s 50-day simple moving average is $182.46 and its two-hundred day simple moving average is $155.95. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $195.93. The stock has a market cap of $53.13 billion, a PE ratio of 17.06, a P/E/G ratio of 0.80 and a beta of 1.41. 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 released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the prior year, the company posted $2.04 earnings per share. The business’s quarterly revenue was up 23.3% compared to the same quarter last year. As a group, analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

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

About State Street

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.