State Street Corporation $STT Shares Bought by Brooklyn Investment Group

Brooklyn Investment Group raised its stake in State Street Corporation (NYSE:STT) by 63.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,486 shares of the asset manager’s stock after buying an additional 575 shares during the quarter. Brooklyn Investment Group’s holdings in State Street were worth $133,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Affinity Investment Advisors LLC acquired a new position in shares of State Street during the 1st quarter valued at about $382,000. Northwest & Ethical Investments L.P. raised its stake in State Street by 42.0% during the first quarter. Northwest & Ethical Investments L.P. now owns 33,495 shares of the asset manager’s stock worth $2,999,000 after purchasing an additional 9,905 shares during the period. Raymond James Financial Inc. boosted its holdings in State Street by 9.3% in the 1st quarter. Raymond James Financial Inc. now owns 490,987 shares of the asset manager’s stock valued at $43,958,000 after purchasing an additional 41,979 shares during the last quarter. American Century Companies Inc. grew its stake in shares of State Street by 4.6% in the 1st quarter. American Century Companies Inc. now owns 351,064 shares of the asset manager’s stock valued at $31,431,000 after buying an additional 15,396 shares during the period. Finally, Ethic Inc. grew its stake in shares of State Street by 13.2% in the 1st quarter. Ethic Inc. now owns 46,466 shares of the asset manager’s stock valued at $4,127,000 after buying an additional 5,416 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.29% of the company’s stock.

State Street Trading Up 0.5%

STT opened at $111.7460 on Thursday. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $114.28. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $107.70 and a 200-day simple moving average of $97.26. The firm has a market cap of $31.70 billion, a P/E ratio of 12.51, a P/E/G ratio of 1.09 and a beta of 1.48.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the prior year, the company earned $2.15 EPS. State Street’s revenue was up 2.9% on a year-over-year basis. On average, equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. State Street’s payout ratio is 34.04%.

Analyst Ratings Changes

Several research firms have recently commented on STT. Evercore ISI lifted their price target on shares of State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Bank of America upped their price target on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. The Goldman Sachs Group increased their price target on State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a report on Wednesday, July 2nd. Finally, Truist Financial raised their price objective on State Street from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, August 14th. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $112.82.

About State Street

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.