Panagora Asset Management Inc. Buys 354,106 Shares of State Street Corporation $STT

Panagora Asset Management Inc. lifted its stake in State Street Corporation (NYSE:STT) by 73.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 833,197 shares of the asset manager’s stock after purchasing an additional 354,106 shares during the quarter. Panagora Asset Management Inc.’s holdings in State Street were worth $107,491,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in STT. Brighton Jones LLC bought a new position in shares of State Street in the fourth quarter worth about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of State Street by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after buying an additional 918 shares during the period. NewEdge Advisors LLC raised its stake in shares of State Street by 105.2% in the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after buying an additional 5,226 shares during the period. Empowered Funds LLC raised its stake in shares of 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 period. Finally, Woodline Partners LP raised its stake in shares of 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 period. Institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on STT shares. The Goldman Sachs Group raised their price objective on State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Zacks Research raised State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 21st. Evercore set a $158.00 price objective on State Street and gave the stock an “outperform” rating in a research note on Monday, April 20th. Keefe, Bruyette & Woods raised their price objective on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Finally, Truist Financial lifted their target price on State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $158.57.

State Street Stock Performance

NYSE STT opened at $167.27 on Monday. The stock has a market capitalization of $46.30 billion, a PE ratio of 16.96, a P/E/G ratio of 0.92 and a beta of 1.43. The business has a 50 day simple moving average of $150.84 and a two-hundred day simple moving average of $135.57. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1-year low of $95.67 and a 1-year high of $168.29.

State Street (NYSE:STT) last released its quarterly earnings results 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 business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.04 EPS. On average, research analysts predict that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Dividend Announcement

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

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the transaction, the executive vice president owned 43,522 shares in the company, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP W. Bradford Hu sold 9,212 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the transaction, the executive vice president owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This represents a 13.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 37,876 shares of company stock worth $5,866,583. 0.27% of the stock is owned by corporate insiders.

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.