BTC Capital Management Inc. Invests $3.01 Million in State Street Corporation $STT

BTC Capital Management Inc. purchased a new stake in State Street Corporation (NYSE:STT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 25,971 shares of the asset manager’s stock, valued at approximately $3,012,000.

Several other institutional investors have also recently made changes to their positions in the stock. Invesco Ltd. boosted its position in State Street by 4.7% during the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock worth $910,934,000 after purchasing an additional 381,547 shares during the period. Dodge & Cox lifted its stake in shares of State Street by 1.1% during the 2nd quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock worth $788,236,000 after buying an additional 80,855 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of State Street by 0.4% during the 2nd quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock worth $784,930,000 after buying an additional 27,098 shares during the period. Regents of The University of California bought a new stake in shares of State Street during the 3rd quarter worth about $324,576,000. Finally, Nordea Investment Management AB grew its stake in State Street by 7.8% in the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock valued at $283,343,000 after buying an additional 178,136 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Price Performance

STT stock opened at $127.89 on Friday. The stock has a market cap of $35.72 billion, a price-to-earnings ratio of 13.59, a P/E/G ratio of 1.11 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. The company has a 50 day simple moving average of $129.98 and a 200 day simple moving average of $119.94. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $137.05.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the previous year, the business posted $2.60 earnings per share. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. Research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, January 2nd. State Street’s dividend payout ratio (DPR) is presently 35.71%.

Analyst Ratings Changes

Several research firms have recently commented on STT. Keefe, Bruyette & Woods upped their target price on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a research report on Monday, October 20th. Zacks Research cut State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Loop Capital set a $144.00 price objective on State Street in a research report on Tuesday, January 6th. Finally, Truist Financial set a $136.00 target price on shares of State Street in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, State Street presently has an average rating of “Moderate Buy” and an average target price of $135.83.

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.