State Street Corporation (NYSE:STT) Holdings Lifted by Convergence Investment Partners LLC

Convergence Investment Partners LLC raised its position in State Street Corporation (NYSE:STT) by 3.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,564 shares of the asset manager’s stock after purchasing an additional 600 shares during the quarter. Convergence Investment Partners LLC’s holdings in State Street were worth $1,483,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Invesco Ltd. grew its stake in State Street by 5.7% in the fourth quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager’s stock valued at $737,162,000 after purchasing an additional 406,396 shares in the last quarter. Geode Capital Management LLC grew its stake in State Street by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock valued at $704,238,000 after purchasing an additional 24,617 shares in the last quarter. FMR LLC grew its stake in State Street by 14.2% in the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after purchasing an additional 870,849 shares in the last quarter. Northern Trust Corp grew its stake in State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock valued at $407,166,000 after purchasing an additional 563,790 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of State Street by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager’s stock worth $335,884,000 after acquiring an additional 55,598 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity

In other news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the transaction, the chief accounting officer directly owned 7,354 shares of the company’s stock, valued at approximately $667,154.88. This represents a 15.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company’s stock.

State Street Trading Up 1.5%

State Street stock opened at $109.75 on Wednesday. The business has a 50 day moving average price of $101.31 and a two-hundred day moving average price of $95.20. 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 stock has a market cap of $31.30 billion, a price-to-earnings ratio of 12.29, a price-to-earnings-growth ratio of 1.20 and a beta of 1.45. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $110.97.

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

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This is a boost from State Street’s previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 annualized dividend and a yield of 3.06%. State Street’s dividend payout ratio is 37.63%.

Wall Street Analysts Forecast Growth

STT has been the subject of several recent analyst reports. Cfra Research upgraded 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 stock an “underperform” rating in a research note on Wednesday, July 16th. Evercore ISI upped their price target on State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods decreased their price target on State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research note on Monday, April 21st. Finally, Truist Financial decreased their price target on State Street from $122.00 to $116.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $112.00.

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.