Boston Common Asset Management LLC Buys New Shares in State Street Corporation $STT

Boston Common Asset Management LLC purchased a new position in State Street Corporation (NYSE:STT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 67,650 shares of the asset manager’s stock, valued at approximately $7,848,000.

Several other institutional investors also recently modified their holdings of STT. Brighton Jones LLC bought a new stake in shares of State Street during the 4th quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after purchasing an additional 918 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC increased its stake in State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after purchasing an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP increased its stake in State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock worth $2,182,000 after purchasing an additional 6,767 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Stock Up 1.3%

STT stock opened at $126.92 on Thursday. The company has a 50 day moving average of $125.67 and a two-hundred day moving average of $117.55. The company has a market cap of $35.45 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 1.11 and a beta of 1.43. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $137.05. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the business posted $2.60 earnings per share. State Street’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were given a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s dividend payout ratio is presently 35.71%.

Analysts Set New Price Targets

STT has been the subject of several recent analyst reports. Zacks Research cut shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Loop Capital set a $144.00 price objective on shares of State Street in a research note on Tuesday, January 6th. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. BMO Capital Markets started coverage on State Street in a report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 target price for the company. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, nine have issued 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 stock presently has an average rating of “Moderate Buy” and an average price target of $135.83.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, October 27th. The stock was sold at an average price of $117.24, for a total transaction of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. The trade was a 3.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by company insiders.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.