Voya Investment Management LLC Raises Stock Position in State Street Corporation $STT

Voya Investment Management LLC lifted its holdings in shares of State Street Corporation (NYSE:STT) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,133 shares of the asset manager’s stock after purchasing an additional 3,195 shares during the period. Voya Investment Management LLC’s holdings in State Street were worth $11,830,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Invesco Ltd. increased its stake in shares of State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after purchasing an additional 674,120 shares in the last quarter. Northern Trust Corp increased its stake in shares of State Street by 2.8% during the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager’s stock worth $381,770,000 after purchasing an additional 115,751 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of State Street by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager’s stock worth $274,732,000 after purchasing an additional 14,011 shares in the last quarter. Eastern Bank increased its stake in shares of State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after purchasing an additional 2,947,153 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of State Street by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager’s stock worth $242,932,000 after purchasing an additional 49,353 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at State Street

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 owned 41,332 shares of the company’s stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on STT. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Truist Financial raised their target price on shares of State Street from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, August 14th. The Goldman Sachs Group raised their target price on shares of State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Evercore ISI raised their target price on shares of State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. Finally, Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and raised their target price for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $114.18.

State Street Stock Performance

NYSE:STT opened at $110.43 on Wednesday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $31.33 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.09 and a beta of 1.50. The firm’s fifty day simple moving average is $111.42 and its 200 day simple moving average is $99.17. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $116.37.

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

State Street Increases Dividend

The company 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. This is a positive change from State Street’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a yield of 3.0%. State Street’s payout ratio is presently 34.04%.

State Street Company 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.