Principal Financial Group Inc. Decreases Stock Holdings in State Street Corporation $STT

Principal Financial Group Inc. lowered its position in State Street Corporation (NYSE:STT) by 1.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 318,387 shares of the asset manager’s stock after selling 6,219 shares during the period. Principal Financial Group Inc. owned approximately 0.11% of State Street worth $36,936,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Invesco Ltd. lifted its holdings in shares of State Street by 4.7% during the 2nd 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 last quarter. Dodge & Cox boosted its holdings in 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 acquiring an additional 80,855 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of State Street by 0.4% during the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock worth $784,930,000 after acquiring an additional 27,098 shares during the last quarter. Nordea Investment Management AB boosted its stake in State Street by 7.8% in the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after purchasing an additional 178,136 shares in the last quarter. Finally, Norges Bank purchased a new stake in State Street during the 2nd quarter worth approximately $256,367,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Down 2.5%

Shares of NYSE:STT opened at $128.72 on Friday. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $137.05. The business has a 50 day moving average of $128.74 and a two-hundred day moving average of $119.11. The company has a market capitalization of $35.95 billion, a PE ratio of 13.68, a PEG ratio of 1.16 and a beta of 1.43.

State Street (NYSE:STT) last posted its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share 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 analyst estimates of $3.57 billion. During the same period in the previous year, the firm earned $2.60 EPS. The business’s quarterly revenue was up 7.5% on a year-over-year basis. As a group, analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were given a $0.84 dividend. The ex-dividend date 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 is 35.71%.

Wall Street Analyst Weigh In

STT has been the subject of a number of research analyst reports. Loop Capital set a $144.00 target price on State Street in a research note on Tuesday, January 6th. Morgan Stanley reduced their price objective on State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Truist Financial set a $136.00 target price on State Street in a report on Tuesday, January 20th. Citigroup increased their price target on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, December 30th. Finally, TD Cowen reissued a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, State Street has an average rating of “Moderate Buy” and a consensus price target 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.