AIA Group Ltd Increases Stake in State Street Corporation (NYSE:STT)

AIA Group Ltd boosted its stake in State Street Corporation (NYSE:STT) by 13.1% during the first quarter, Holdings Channel.com reports. The firm owned 22,558 shares of the asset manager’s stock after buying an additional 2,610 shares during the period. AIA Group Ltd’s holdings in State Street were worth $2,020,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. First Pacific Financial purchased a new position in shares of State Street during the first quarter valued at approximately $25,000. Larson Financial Group LLC increased its stake in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after buying an additional 118 shares during the period. Coppell Advisory Solutions LLC increased its stake in shares of State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after buying an additional 412 shares during the period. Golden State Wealth Management LLC increased its stake in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after buying an additional 310 shares during the period. Finally, MV Capital Management Inc. increased its stake in shares of State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock valued at $45,000 after buying an additional 251 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

STT has been the topic of several research analyst reports. Truist Financial reduced their target price on State Street from $122.00 to $116.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Citigroup lifted their price target on State Street from $100.00 to $115.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. Morgan Stanley lifted their price target on State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Finally, Keefe, Bruyette & Woods dropped their price target on State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $112.00.

State Street Trading Down 1.1%

State Street stock opened at $109.81 on Tuesday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The business’s fifty day simple moving average is $105.74 and its two-hundred day simple moving average is $96.69. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $114.28. The company has a market capitalization of $31.15 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.23 and a beta of 1.48.

State Street (NYSE:STT) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%. The firm had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter in the previous year, the business earned $2.15 earnings per share. The company’s revenue was up 2.9% on a year-over-year basis. As a group, equities analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a $0.84 dividend. This is an increase from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, October 1st. State Street’s dividend payout ratio is 34.04%.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.