Louisiana State Employees Retirement System Has $1.39 Million Holdings in State Street Corporation (NYSE:STT)

Louisiana State Employees Retirement System decreased its holdings in State Street Corporation (NYSE:STT) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 15,500 shares of the asset manager’s stock after selling 300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in State Street were worth $1,388,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in STT. Sequoia Financial Advisors LLC boosted its stake in State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock worth $395,000 after purchasing an additional 118 shares during the period. MassMutual Private Wealth & Trust FSB increased its stake in shares of State Street by 13.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager’s stock worth $104,000 after purchasing an additional 134 shares during the last quarter. Huntington National Bank increased its stake in shares of State Street by 1.3% during the 4th quarter. Huntington National Bank now owns 11,671 shares of the asset manager’s stock worth $1,146,000 after purchasing an additional 150 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of State Street by 8.4% in the first quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager’s stock valued at $203,000 after purchasing an additional 176 shares during the last quarter. Finally, Invst LLC increased its holdings in shares of State Street by 1.8% in the fourth quarter. Invst LLC now owns 11,582 shares of the asset manager’s stock valued at $1,137,000 after purchasing an additional 206 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Up 2.3%

STT opened at $107.46 on Friday. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $110.97. The firm has a 50 day moving average price of $101.02 and a 200-day moving average price of $95.17. The stock has a market capitalization of $30.64 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.21 and a beta of 1.45. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the previous year, the company posted $2.15 earnings per share. The firm’s quarterly revenue was up 2.9% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.13%. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is 34.04%.

Insider Buying and Selling

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the sale, the chief accounting officer directly owned 7,354 shares of the company’s stock, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on STT. Barclays reduced their target price on State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Truist Financial cut their price objective on State Street from $122.00 to $116.00 and set a “buy” rating on the stock in a report on Wednesday. Bank of America raised their price objective on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a report on Wednesday. Wells Fargo & Company increased their price objective on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Finally, Morgan Stanley boosted their price objective on State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $112.00.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.