State Street Corporation $STT Shares Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund grew its holdings in State Street Corporation (NYSE:STT) by 12.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,442 shares of the asset manager’s stock after acquiring an additional 7,722 shares during the period. Illinois Municipal Retirement Fund’s holdings in State Street were worth $7,940,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in STT. Invesco Ltd. raised its position in State Street by 4.7% in the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after purchasing an additional 381,547 shares during the period. Dodge & Cox boosted its position in shares of State Street by 1.1% in the second quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock worth $788,236,000 after buying an additional 80,855 shares during the period. Geode Capital Management LLC grew its stake in shares of State Street by 0.4% in the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after buying an additional 27,098 shares in the last quarter. Regents of The University of California purchased a new stake in shares of State Street during the 3rd quarter valued at about $324,576,000. Finally, Nordea Investment Management AB lifted its position in State Street by 7.8% during the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after acquiring an additional 178,136 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Morgan Stanley decreased their target price on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Keefe, Bruyette & Woods raised their price target on shares of State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and an average price target of $135.83.

State Street Stock Performance

Shares of State Street stock opened at $127.89 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $137.05. The firm’s 50-day simple moving average is $129.98 and its 200-day simple moving average is $119.94. The firm has a market cap of $35.72 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43.

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

State Street Dividend Announcement

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

State Street 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.