iA Global Asset Management Inc. Makes New $1.24 Million Investment in State Street Corporation $STT

iA Global Asset Management Inc. purchased a new stake in shares of State Street Corporation (NYSE:STT) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 10,655 shares of the asset manager’s stock, valued at approximately $1,236,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Strs Ohio raised its holdings in State Street by 31.1% in the 3rd quarter. Strs Ohio now owns 323,768 shares of the asset manager’s stock worth $37,560,000 after acquiring an additional 76,830 shares during the last quarter. Boston Common Asset Management LLC bought a new stake in shares of State Street in the 3rd quarter worth $7,848,000. Rakuten Investment Management Inc. bought a new position in shares of State Street during the third quarter valued at $1,353,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of State Street by 1.3% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 313,843 shares of the asset manager’s stock valued at $36,409,000 after purchasing an additional 4,153 shares in the last quarter. Finally, Chicago Partners Investment Group LLC boosted its position in shares of State Street by 49.4% during the third quarter. Chicago Partners Investment Group LLC now owns 5,268 shares of the asset manager’s stock valued at $625,000 after buying an additional 1,743 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the transaction, the executive vice president owned 38,626 shares of the company’s stock, valued at $4,528,512.24. This trade represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages have weighed in on STT. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research report on Wednesday. Morgan Stanley decreased their price objective on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a report on Tuesday. Citigroup raised their target price on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, December 30th. Wells Fargo & Company lifted their target price on shares of State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Finally, Truist Financial set a $136.00 price target on State Street in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Stock Down 1.8%

Shares of STT stock opened at $126.10 on Friday. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The stock has a market cap of $35.22 billion, a P/E ratio of 13.40, a P/E/G ratio of 1.11 and a beta of 1.43. The company has a 50 day simple moving average of $126.05 and a two-hundred day simple moving average of $117.80.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.60 EPS. On average, research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were given a $0.84 dividend. The ex-dividend date was Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. State Street’s dividend payout ratio is presently 35.71%.

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.