ST Germain D J Co. Inc. Increases Stake in State Street Corporation $STT

ST Germain D J Co. Inc. lifted its stake in State Street Corporation (NYSE:STT) by 6.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,869 shares of the asset manager’s stock after purchasing an additional 180 shares during the quarter. ST Germain D J Co. Inc.’s holdings in State Street were worth $305,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of STT. Assetmark Inc. raised its position in State Street by 61.9% during the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager’s stock worth $84,000 after buying an additional 357 shares during the last quarter. Principal Financial Group Inc. raised its position in State Street by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager’s stock worth $30,387,000 after buying an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of State Street by 127.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager’s stock worth $2,728,000 after purchasing an additional 17,201 shares during the period. Index Fund Advisors Inc. acquired a new stake in shares of State Street during the 1st quarter worth approximately $505,000. Finally, Bank of New York Mellon Corp grew its stake in State Street by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager’s stock valued at $195,764,000 after acquiring an additional 123,259 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

STT stock opened at $115.64 on Friday. The company has a market capitalization of $32.81 billion, a PE ratio of 12.95, a P/E/G ratio of 1.13 and a beta of 1.50. The stock’s 50 day moving average is $112.32 and its two-hundred day moving average is $100.48. 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 Corporation has a 52-week low of $72.81 and a 52-week high of $116.37.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the previous year, the firm posted $2.15 EPS. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. 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 announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from State Street’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street’s payout ratio is presently 34.04%.

Analyst Ratings Changes

STT has been the topic of several analyst reports. TD Cowen began coverage on State Street in a report on Thursday. They set a “buy” rating on the stock. Truist Financial upped their price target on State Street from $116.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, August 14th. Wells Fargo & Company boosted their price objective on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. The Goldman Sachs Group upped their price target on State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. Finally, Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $114.18.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.29% of the company’s stock.

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.