Impax Asset Management Group plc Purchases 42,198 Shares of State Street Corporation $STT

Impax Asset Management Group plc increased its position in shares of State Street Corporation (NYSE:STT) by 49.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 127,984 shares of the asset manager’s stock after purchasing an additional 42,198 shares during the period. Impax Asset Management Group plc’s holdings in State Street were worth $14,847,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of STT. Jones Financial Companies Lllp lifted its position in State Street by 11.7% during 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 in the last quarter. Machina Capital S.A.S. bought a new position in shares of State Street in the third quarter worth about $2,622,000. Regents of The University of California acquired a new position in shares of State Street during the third quarter worth approximately $324,576,000. AE Wealth Management LLC acquired a new position in shares of State Street during the third quarter worth approximately $6,611,000. Finally, Nordea Investment Management AB grew its stake 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 purchasing an additional 49,475 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Down 0.5%

Shares of NYSE:STT opened at $131.53 on Thursday. The company has a 50 day moving average price of $129.80 and a two-hundred day moving average price of $119.79. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. The company has a market capitalization of $36.74 billion, a PE ratio of 13.98, a PEG ratio of 1.16 and a beta of 1.43. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $137.05.

State Street (NYSE:STT) last announced its quarterly 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 company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter in the previous year, the business earned $2.60 EPS. The firm’s revenue was up 7.5% on a year-over-year basis. Analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. State Street’s dividend payout ratio (DPR) is currently 35.71%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. TD Cowen reaffirmed a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Loop Capital set a $144.00 target price on State Street in a research report on Tuesday, January 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. Truist Financial set a $136.00 price objective on State Street in a report on Tuesday, January 20th. Finally, Wells Fargo & Company upped their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $135.83.

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.