MBB Public Markets I LLC Purchases Shares of 3,504 State Street Corporation $STT

MBB Public Markets I LLC purchased a new stake in State Street Corporation (NYSE:STT) in the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 3,504 shares of the asset manager’s stock, valued at approximately $314,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Pacific Financial purchased a new position in State Street in the 1st quarter valued at approximately $25,000. Capital Analysts LLC boosted its position in State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after buying an additional 274 shares during the period. Larson Financial Group LLC boosted its position in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after buying an additional 118 shares during the period. Golden State Wealth Management LLC boosted its position in State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after buying an additional 310 shares during the period. Finally, Minot DeBlois Advisors LLC purchased a new position in State Street in the 4th quarter valued at approximately $49,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is owned by corporate insiders.

State Street Price Performance

Shares of NYSE:STT opened at $112.18 on Wednesday. The company’s fifty day moving average price is $111.23 and its 200 day moving average price is $98.70. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $116.37. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market capitalization of $31.83 billion, a P/E ratio of 12.56, a P/E/G ratio of 1.10 and a beta of 1.50.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same period last year, the business earned $2.15 EPS. State Street’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 annualized dividend and a yield of 3.0%. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio (DPR) is 37.63%.

Analyst Ratings Changes

Several equities analysts have commented on STT shares. Truist Financial raised their price target on shares of State Street from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, August 14th. Wells Fargo & Company raised their price objective on shares of State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Evercore ISI raised their price objective on shares of State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, July 2nd. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and raised their price objective for the company from $115.00 to $130.00 in a report on Friday, September 5th. Finally, Morgan Stanley raised their price objective on shares of State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $114.18.

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.