iA Global Asset Management Inc. Invests $2.51 Million in State Street Corporation $STT

iA Global Asset Management Inc. purchased a new stake in shares of State Street Corporation (NYSE:STT) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 19,865 shares of the asset manager’s stock, valued at approximately $2,514,000.

Other large investors have also recently bought and sold shares of the company. Premier Path Wealth Partners LLC lifted its stake in State Street by 4.6% in the 1st quarter. Premier Path Wealth Partners LLC now owns 3,627 shares of the asset manager’s stock worth $459,000 after acquiring an additional 160 shares in the last quarter. Mayflower Financial Advisors LLC increased its holdings in shares of State Street by 53.3% in the 1st quarter. Mayflower Financial Advisors LLC now owns 8,086 shares of the asset manager’s stock valued at $1,023,000 after purchasing an additional 2,810 shares during the period. Patton Fund Management Inc. increased its holdings in shares of State Street by 1,076.0% in the 1st quarter. Patton Fund Management Inc. now owns 21,662 shares of the asset manager’s stock valued at $2,742,000 after purchasing an additional 19,820 shares during the period. Cornerstone Wealth Group LLC lifted its position in shares of State Street by 10.0% in the first quarter. Cornerstone Wealth Group LLC now owns 2,055 shares of the asset manager’s stock worth $260,000 after purchasing an additional 187 shares in the last quarter. Finally, Trilogy Capital Inc. lifted its position in shares of State Street by 0.4% in the first quarter. Trilogy Capital Inc. now owns 26,630 shares of the asset manager’s stock worth $3,370,000 after purchasing an additional 115 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Barclays set a $165.00 price target on shares of State Street in a report on Monday, April 20th. Citigroup increased their target price on shares of State Street from $172.00 to $193.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. The Goldman Sachs Group lifted their target price on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research note on Tuesday. Evercore set a $158.00 target price on shares of State Street and gave the company an “outperform” rating in a research note on Monday, April 20th. Finally, Argus boosted their price target on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and an average target price of $166.84.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the transaction, the chief executive officer owned 255,512 shares in the company, valued at approximately $39,693,789.20. This trade represents a 5.39% 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. Insiders sold a total of 37,876 shares of company stock worth $5,866,583 in the last 90 days. 0.27% of the stock is currently owned by company insiders.

State Street Trading Up 0.5%

Shares of NYSE STT opened at $170.57 on Friday. The business has a 50 day simple moving average of $159.46 and a 200 day simple moving average of $140.30. State Street Corporation has a 52 week low of $101.98 and a 52 week high of $175.46. The stock has a market cap of $47.21 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 0.91 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.04 earnings per share. On average, research analysts predict that State Street Corporation will post 12.53 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s dividend payout ratio (DPR) is currently 34.08%.

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.