Flputnam Investment Management Co. Grows Stake in State Street Corporation $STT

Flputnam Investment Management Co. raised its holdings in shares of State Street Corporation (NYSE:STT) by 97.5% during the second quarter, HoldingsChannel.com reports. The firm owned 35,791 shares of the asset manager’s stock after buying an additional 17,671 shares during the period. Flputnam Investment Management Co.’s holdings in State Street were worth $6,070,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in STT. Brighton Jones LLC acquired a new stake in shares of State Street in the 4th quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 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 valued at $2,885,000 after buying an additional 918 shares in the last quarter. NewEdge Advisors LLC increased its position in State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after buying an additional 5,226 shares in the last quarter. Empowered Funds LLC raised its stake in State Street by 220.1% in the first quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after buying an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP raised its stake in State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after buying an additional 6,767 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.0%

Shares of NYSE:STT opened at $193.42 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $195.93. The stock has a market cap of $53.13 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 0.80 and a beta of 1.41. The business has a 50-day moving average price of $182.46 and a 200-day moving average price of $155.95.

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

State Street Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods boosted their price target on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. lifted their target price on shares of State Street from $176.50 to $187.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 4th. Truist Financial reissued a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Finally, Bank of America upped their price target on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $185.38.

Insider Transactions at State Street

In related news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 25,811 shares of company stock worth $4,723,982 over the last 90 days. 0.27% of the stock is currently owned by company 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.