Regents of The University of California Makes New $324.58 Million Investment in State Street Corporation $STT

Regents of The University of California acquired a new stake in shares of State Street Corporation (NYSE:STT) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor acquired 2,797,825 shares of the asset manager’s stock, valued at approximately $324,576,000. State Street comprises approximately 25.3% of Regents of The University of California’s investment portfolio, making the stock its 3rd biggest position. Regents of The University of California owned approximately 0.99% of State Street as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of STT. Machina Capital S.A.S. bought a new stake in shares of State Street in the third quarter worth about $2,622,000. Jones Financial Companies Lllp grew its position in shares of State Street by 11.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock worth $24,139,000 after buying an additional 21,810 shares during the last quarter. AE Wealth Management LLC purchased a new position in shares of State Street during the third quarter valued at approximately $6,611,000. Nordea Investment Management AB raised its holdings in shares of State Street by 2.2% during the second quarter. Nordea Investment Management AB now owns 2,273,567 shares of the asset manager’s stock valued at $241,862,000 after acquiring an additional 49,475 shares in the last quarter. Finally, Rakuten Investment Management Inc. purchased a new stake in State Street in the third quarter worth $1,353,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of NYSE:STT opened at $132.34 on Monday. The business has a fifty day moving average price of $129.00 and a 200-day moving average price of $119.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. The company has a market capitalization of $36.96 billion, a PE ratio of 14.06, a PEG ratio of 1.16 and a beta of 1.43. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05.

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

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 12th. Investors of record on Friday, January 2nd were given a $0.84 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $3.36 annualized dividend and a yield of 2.5%. State Street’s dividend payout ratio is 35.71%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Wells Fargo & Company boosted their price objective on shares of State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Truist Financial set a $136.00 price target on shares of State Street in a research note on Tuesday, January 20th. Loop Capital set a $144.00 price objective on State Street in a research report on Tuesday, January 6th. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Finally, The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and an average price target of $135.83.

State Street Company Profile

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.