13,231 Shares in State Street Corporation $STT Purchased by Plato Investment Management Ltd

Plato Investment Management Ltd acquired a new stake in shares of State Street Corporation (NYSE:STT) in the second quarter, Holdings Channel reports. The firm acquired 13,231 shares of the asset manager’s stock, valued at approximately $2,231,000.

Several other large investors also recently added to or reduced their stakes in the stock. Western Wealth Management LLC grew its stake in State Street by 3.1% in the 1st quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock worth $253,000 after acquiring an additional 60 shares in the last quarter. Chicago Partners Investment Group LLC raised its stake in shares of State Street by 1.6% during the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock valued at $675,000 after acquiring an additional 83 shares in the last quarter. Arjuna Capital raised its stake in shares of State Street by 0.4% during the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after acquiring an additional 95 shares in the last quarter. CX Institutional boosted its holdings in shares of State Street by 1.0% in the second quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock valued at $1,660,000 after purchasing an additional 98 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its holdings in shares of State Street by 0.3% in the first quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after purchasing an additional 100 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related 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 transaction of $243,210.00. Following the sale, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on STT. Evercore set a $200.00 price objective on State Street in a report on Monday, July 20th. Argus upped their target price on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Seaport Research Partners reiterated a “buy” rating and issued a $170.00 target price on shares of State Street in a report on Monday, April 20th. Truist Financial reissued a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Finally, Keefe, Bruyette & Woods raised their price target on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Price Performance

NYSE STT opened at $193.48 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. The firm’s 50 day moving average price is $178.29 and its 200-day moving average price is $152.35. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.18. The company has a market cap of $53.15 billion, a PE ratio of 17.06, a P/E/G ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. State Street’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.04 earnings per share. Sell-side analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio (DPR) is 29.63%.

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.