Global Retirement Partners LLC Acquires Shares of 9,882 State Street Corporation $STT

Global Retirement Partners LLC bought a new stake in State Street Corporation (NYSE:STT) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 9,882 shares of the asset manager’s stock, valued at approximately $1,676,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Alberta Investment Management Corp bought a new position in State Street in the second quarter valued at about $5,258,000. Bank of New York Mellon Corp acquired a new stake in State Street in the second quarter worth about $301,393,000. Focus Partners Advisor Solutions LLC bought a new stake in State Street during the 2nd quarter worth about $484,000. Kelleher Financial Advisors bought a new stake in State Street during the 2nd quarter worth about $33,000. Finally, Clearstead Trust LLC acquired a new position in State Street during the 2nd quarter valued at about $516,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT opened at $193.48 on Tuesday. The firm has a market cap of $53.15 billion, a P/E ratio of 17.06, a PEG ratio of 0.79 and a beta of 1.41. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.18. The firm’s 50 day moving average price is $178.29 and its two-hundred day moving average price is $152.35. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59.

State Street (NYSE:STT) last announced its earnings results 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. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.04 EPS. On average, analysts forecast that State Street Corporation will post 13.75 EPS 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. Investors of record on Thursday, October 1st will be issued a dividend of $0.92 per share. 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 annualized dividend and a yield of 1.9%. State Street’s dividend payout ratio is currently 29.63%.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 49,576 shares of company stock worth $8,415,875 in the last three months. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on STT. 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 report on Tuesday, April 21st. Truist Financial restated a “hold” rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a report on Friday, July 17th. Wells Fargo & Company raised their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research note 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 stock a “neutral” rating in a report on Tuesday, July 7th. Finally, Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, State Street has an average rating of “Moderate Buy” and an average target price of $185.38.

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.