State Street Corporation (NYSE:STT) Shares Acquired by Assetmark Inc.

Assetmark Inc. grew its position in State Street Corporation (NYSE:STT) by 61.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 934 shares of the asset manager’s stock after buying an additional 357 shares during the quarter. Assetmark Inc.’s holdings in State Street were worth $84,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in State Street by 236.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager’s stock valued at $226,642,000 after purchasing an additional 1,622,408 shares in the last quarter. FMR LLC grew its position in shares of State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock worth $685,441,000 after buying an additional 870,849 shares in the last quarter. Azora Capital LP purchased a new stake in shares of State Street during the fourth quarter worth approximately $80,294,000. Northern Trust Corp raised its holdings 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 acquiring an additional 563,790 shares in the last quarter. Finally, Miller Howard Investments Inc. NY purchased a new position in State Street in the first quarter worth approximately $42,504,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 1.1%

State Street stock opened at $109.80 on Tuesday. The company has a market capitalization of $31.15 billion, a P/E ratio of 12.30, a PEG ratio of 1.21 and a beta of 1.48. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $114.28. The stock has a 50-day simple moving average of $104.38 and a 200-day simple moving average of $96.26.

State Street (NYSE:STT) last released 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 return on equity of 12.96% and a net margin of 12.59%. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the previous year, the company posted $2.15 earnings per share. The firm’s revenue was up 2.9% compared to the same quarter last year. Equities research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This is an increase from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 34.04%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on STT shares. Evercore ISI increased their price objective 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. Truist Financial lowered their target price on shares of State Street from $122.00 to $116.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Citigroup increased their target price on State Street from $100.00 to $115.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Finally, The Goldman Sachs Group lifted 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $112.00.

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.