National Pension Service Grows Stock Holdings in State Street Corporation $STT

National Pension Service raised its stake in shares of State Street Corporation (NYSE:STT) by 5.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 523,791 shares of the asset manager’s stock after buying an additional 28,696 shares during the quarter. National Pension Service’s holdings in State Street were worth $60,765,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of STT. Norges Bank bought a new stake in State Street during the second quarter worth about $256,367,000. First Trust Advisors LP boosted its position in shares of State Street by 39.0% during the second quarter. First Trust Advisors LP now owns 2,009,190 shares of the asset manager’s stock valued at $213,657,000 after purchasing an additional 564,202 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in State Street during the second quarter worth about $42,281,000. Invesco Ltd. raised its stake in State Street by 4.7% during the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after buying an additional 381,547 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in State Street by 7.8% in the third quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after buying an additional 178,136 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Citigroup boosted their price objective on shares of State Street from $136.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, December 30th. Truist Financial set a $136.00 target price on State Street in a report on Tuesday, January 20th. Wells Fargo & Company boosted their price target on State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Finally, Keefe, Bruyette & Woods raised their price objective on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. One 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Stock Down 0.5%

Shares of NYSE:STT opened at $130.74 on Monday. The company has a market cap of $36.52 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 1.15 and a beta of 1.43. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a 50-day moving average price of $127.60 and a 200 day moving average price of $118.63.

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

State Street Announces Dividend

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

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.