Convergence Investment Partners LLC Acquires 26,100 Shares of State Street Corporation $STT

Convergence Investment Partners LLC grew its holdings in shares of State Street Corporation (NYSE:STT) by 162.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,185 shares of the asset manager’s stock after buying an additional 26,100 shares during the quarter. State Street accounts for approximately 0.9% of Convergence Investment Partners LLC’s holdings, making the stock its 26th biggest holding. Convergence Investment Partners LLC’s holdings in State Street were worth $5,339,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in STT. Brighton Jones LLC bought a new stake in shares of State Street in the 4th quarter valued at approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of State Street by 2.9% during the 1st 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 holdings in State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after buying an additional 5,226 shares during the period. Empowered Funds LLC lifted its position in State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after buying an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP lifted its position in State Street by 38.4% in the first 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 own 87.44% of the company’s stock.

State Street Trading Down 0.1%

STT stock opened at $182.31 on Tuesday. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $192.51. The firm’s 50-day moving average is $166.47 and its 200 day moving average is $144.55. The company has a market capitalization of $50.46 billion, a PE ratio of 16.08, a P/E/G ratio of 0.90 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm’s quarterly revenue was up 23.3% on a year-over-year basis. During the same period in the previous year, the company earned $2.04 EPS. On average, research analysts anticipate that State Street Corporation will post 13.35 EPS for the current year.

State Street Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on STT shares. Bank of America lifted their price objective on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Truist Financial restated a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a report on Friday. Argus lifted their price target on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Wells Fargo & Company lifted their price target on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Evercore set a $200.00 price objective on shares of State Street in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $184.72.

Insider Transactions at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 37,876 shares of company stock worth $5,866,583 over the last three months. Company insiders own 0.27% of the company’s stock.

State Street 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.