Barclays PLC Increases Position in State Street Corporation $STT

Barclays PLC raised its position in shares of State Street Corporation (NYSE:STT) by 27.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,576,332 shares of the asset manager’s stock after purchasing an additional 342,344 shares during the period. Barclays PLC’s holdings in State Street were worth $182,870,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in STT. Brighton Jones LLC bought a new position in shares of State Street during the 4th quarter valued at about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in State Street by 2.9% in 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 buying an additional 918 shares during the last quarter. NewEdge Advisors LLC boosted its stake in 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 in the last quarter. Empowered Funds LLC grew 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 acquiring an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP raised its stake in shares of State Street by 38.4% during the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after acquiring an additional 6,767 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on STT. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Morgan Stanley decreased their target price on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. Citigroup began coverage on shares of State Street in a research note on Monday, February 23rd. They issued a “buy” rating and a $150.00 price target for the company. TD Cowen restated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Finally, Truist Financial set a $136.00 price objective on State Street in a research note on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

State Street Stock Performance

NYSE:STT opened at $120.85 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The firm’s fifty day simple moving average is $129.61 and its 200 day simple moving average is $121.66. The stock has a market cap of $33.68 billion, a P/E ratio of 12.84, a price-to-earnings-growth ratio of 1.10 and a beta of 1.43. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $137.05.

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

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be issued a $0.84 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.8%. State Street’s dividend payout ratio (DPR) is 35.71%.

State Street 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.