State Street Corporation $STT Shares Acquired by AIA Group Ltd

AIA Group Ltd grew its stake in State Street Corporation (NYSE:STT) by 52.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,450 shares of the asset manager’s stock after buying an additional 9,089 shares during the period. AIA Group Ltd’s holdings in State Street were worth $3,068,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in STT. True Wealth Design LLC increased its holdings in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after purchasing an additional 158 shares during the period. JPL Wealth Management LLC acquired a new stake in shares of State Street during the third quarter worth about $29,000. Flagship Wealth Advisors LLC acquired a new stake in shares of State Street during the third quarter worth about $35,000. Measured Wealth Private Client Group LLC purchased a new stake in State Street in the third quarter valued at approximately $35,000. Finally, SJS Investment Consulting Inc. boosted its position in State Street by 2,142.9% in the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after buying an additional 300 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

Shares of NYSE STT opened at $121.00 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. The stock has a market capitalization of $33.73 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 1.06 and a beta of 1.43. The firm’s 50 day simple moving average is $127.95 and its 200-day simple moving average is $122.16. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05.

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

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.8%. State Street’s dividend payout ratio is presently 35.71%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Truist Financial set a $136.00 price target on shares of State Street in a research report on Tuesday, January 20th. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Loop Capital set a $144.00 target price on shares of State Street in a report on Tuesday, January 6th. Finally, Citigroup started coverage on shares of State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus target price of $135.83.

Insiders Place Their Bets

In other State Street news, EVP John Plansky sold 16,100 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the transaction, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

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.