IFM Investors Pty Ltd Purchases 7,469 Shares of State Street Corporation $STT

IFM Investors Pty Ltd lifted its position in shares of State Street Corporation (NYSE:STT) by 9.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,534 shares of the asset manager’s stock after buying an additional 7,469 shares during the quarter. IFM Investors Pty Ltd’s holdings in State Street were worth $10,699,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC purchased a new stake in State Street during the fourth quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 worth $2,885,000 after purchasing an additional 918 shares during the last quarter. NewEdge Advisors LLC boosted its position in State Street by 105.2% during the first quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after purchasing an additional 5,226 shares in the last quarter. Empowered Funds LLC boosted its position in State Street by 220.1% during the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after purchasing an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP grew its position in shares of State Street by 38.4% in the 1st 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. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. The Goldman Sachs Group raised their price objective on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Wells Fargo & Company raised their price target on State Street from $171.00 to $196.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Truist Financial boosted their price target on State Street from $150.00 to $176.00 and gave the stock a “hold” rating in a research note on Friday, June 26th. Finally, Morgan Stanley upped their price objective on shares of State Street from $166.00 to $183.00 and gave the company an “overweight” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus target price of $166.84.

State Street Price Performance

Shares of State Street stock opened at $169.66 on Thursday. The stock has a market capitalization of $46.96 billion, a P/E ratio of 17.21, a PEG ratio of 0.91 and a beta of 1.42. The business has a 50 day simple moving average of $159.12 and a two-hundred day simple moving average of $139.99. State Street Corporation has a 12 month low of $101.98 and a 12 month high of $175.46. 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 (NYSE:STT) last posted its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion during the quarter, compared to the consensus estimate 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 was up 15.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.04 EPS. As a group, analysts predict that State Street Corporation will post 12.53 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio is 34.08%.

Insider Buying and Selling at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s 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 transaction, the chief executive officer owned 255,512 shares of the company’s stock, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 37,876 shares of company stock worth $5,866,583 in the last quarter. Insiders own 0.27% of the company’s stock.

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.