AIA Group Ltd Raises Stock Position in State Street Corporation $STT

AIA Group Ltd boosted its stake in shares of State Street Corporation (NYSE:STT) by 52.4% in the third quarter, HoldingsChannel.com reports. The fund owned 26,450 shares of the asset manager’s stock after purchasing an additional 9,089 shares during the period. AIA Group Ltd’s holdings in State Street were worth $3,068,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STT. JPL Wealth Management LLC purchased a new stake in shares of State Street during the third quarter worth approximately $29,000. True Wealth Design LLC lifted its holdings in State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 158 shares in the last quarter. Flagship Wealth Advisors LLC purchased a new position in State Street in the 3rd quarter valued at $35,000. Measured Wealth Private Client Group LLC acquired a new stake in State Street during the 3rd quarter worth $35,000. Finally, SJS Investment Consulting Inc. grew its holdings in shares of State Street by 2,142.9% during the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock worth $36,000 after buying an additional 300 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Down 0.1%

NYSE STT opened at $121.00 on Friday. The firm’s 50-day moving average is $127.95 and its two-hundred day moving average is $122.16. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a market capitalization of $33.73 billion, a P/E ratio of 12.86, a PEG ratio of 1.06 and a beta of 1.43.

State Street (NYSE:STT) last announced its earnings results 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 company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.60 earnings per share. On average, sell-side analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

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

Insider Activity at State Street

In related news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the transaction, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. Truist Financial set a $136.00 price target on shares of State Street in a research report on Tuesday, January 20th. Loop Capital set a $144.00 price objective on shares of State Street in a report on Tuesday, January 6th. TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Finally, Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. One equities research 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $135.83.

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.