Burney Co. Purchases 107,283 Shares of State Street Corporation $STT

Burney Co. grew its position in State Street Corporation (NYSE:STT) by 681.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 123,021 shares of the asset manager’s stock after buying an additional 107,283 shares during the period. Burney Co.’s holdings in State Street were worth $15,570,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Nordea Investment Management AB increased its position in shares of State Street by 15.4% during the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after acquiring an additional 377,568 shares in the last quarter. Clean Yield Group boosted its position in State Street by 8,247.4% during the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock worth $2,477,000 after acquiring an additional 18,969 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in State Street during the 4th quarter worth approximately $1,959,000. Heritage Family Offices LLP bought a new position in shares of State Street during the 4th quarter worth approximately $1,220,000. Finally, IFM Investors Pty Ltd raised its holdings in shares of State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after purchasing an additional 7,469 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Truist Financial lifted their price target on shares of State Street from $150.00 to $176.00 and gave the company a “hold” rating in a research note on Friday, June 26th. Evercore set a $186.00 price target on shares of State Street and gave the stock an “outperform” rating in a research report on Monday. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Finally, Keefe, Bruyette & Woods raised their price objective on State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $172.66.

State Street Stock Up 2.9%

NYSE STT opened at $175.57 on Tuesday. The business has a fifty day moving average price of $159.83 and a two-hundred day moving average price of $140.59. The stock has a market capitalization of $48.59 billion, a PE ratio of 17.81, a PEG ratio of 0.92 and a beta of 1.42. State Street Corporation has a fifty-two week low of $101.98 and a fifty-two week high of $175.96. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the firm earned $2.04 EPS. State Street’s revenue was up 15.6% on a year-over-year basis. Equities analysts expect that State Street Corporation will post 12.53 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Wednesday, July 1st. State Street’s payout ratio is currently 34.08%.

Insiders Place Their Bets

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the transaction, the chief operating officer owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares in the company, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 37,876 shares of company stock worth $5,866,583 in the last ninety days. Insiders own 0.27% of the company’s stock.

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.