Allspring Global Investments Holdings LLC Purchases 17,201 Shares of State Street Corporation (NYSE:STT)

Allspring Global Investments Holdings LLC lifted its stake in State Street Corporation (NYSE:STT) by 127.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,710 shares of the asset manager’s stock after buying an additional 17,201 shares during the period. Allspring Global Investments Holdings LLC’s holdings in State Street were worth $2,728,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of State Street by 3.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager’s stock valued at $44,725,000 after buying an additional 14,476 shares during the period. Stonegate Investment Group LLC bought a new stake in shares of State Street in the first quarter valued at approximately $487,000. Bank of Montreal Can boosted its stake in shares of State Street by 54.6% in the fourth quarter. Bank of Montreal Can now owns 720,909 shares of the asset manager’s stock valued at $70,757,000 after buying an additional 254,510 shares during the period. Raymond James Financial Inc. bought a new stake in shares of State Street in the fourth quarter valued at approximately $44,070,000. Finally, Deutsche Bank AG boosted its stake in shares of State Street by 2.9% in the fourth quarter. Deutsche Bank AG now owns 1,736,708 shares of the asset manager’s stock valued at $170,458,000 after buying an additional 48,464 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer directly owned 7,354 shares of the company’s stock, valued at $667,154.88. The trade was a 15.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on STT shares. Citigroup boosted their price objective on shares of State Street from $100.00 to $115.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. Keefe, Bruyette & Woods lowered their price objective on shares of State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. Truist Financial boosted their price objective on shares of State Street from $112.00 to $122.00 and gave the company a “buy” rating in a research report on Thursday. Bank of America upped their price target on shares of State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a report on Wednesday, April 2nd. Finally, Cfra Research downgraded shares of State Street from a “moderate buy” rating to a “hold” rating in a report on Thursday, May 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus price target of $106.46.

State Street Stock Up 0.7%

Shares of NYSE:STT opened at $110.31 on Monday. The company has a market capitalization of $31.46 billion, a price-to-earnings ratio of 12.38, a P/E/G ratio of 1.28 and a beta of 1.45. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57. The business’s 50-day moving average is $97.77 and its 200-day moving average is $94.54. State Street Corporation has a 1 year low of $72.65 and a 1 year high of $110.80.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. State Street had a return on equity of 12.79% and a net margin of 12.85%. During the same period in the previous year, the business earned $1.69 EPS. Equities research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date is Tuesday, July 1st. State Street’s dividend payout ratio is 34.12%.

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.