New York State Teachers Retirement System Increases Stake in State Street Corporation $STT

New York State Teachers Retirement System raised its stake in State Street Corporation (NYSE:STT) by 9.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 303,919 shares of the asset manager’s stock after purchasing an additional 26,862 shares during the quarter. New York State Teachers Retirement System owned 0.11% of State Street worth $38,464,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Wilkerson Advisory Group LLC bought a new position in shares of State Street in the fourth quarter worth approximately $29,000. Phillip James Consulting Co. bought a new stake in State Street during the 4th quarter valued at $30,000. JPL Wealth Management LLC bought a new stake in State Street during the 3rd quarter valued at $29,000. Reflection Asset Management purchased a new stake in State Street during the 4th quarter valued at $35,000. Finally, Board of the Pension Protection Fund purchased a new stake in State Street during the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Down 0.1%

Shares of State Street stock opened at $170.57 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $101.98 and a 12-month high of $175.46. The company has a market cap of $47.21 billion, a P/E ratio of 17.30, a PEG ratio of 0.92 and a beta of 1.42. The company’s fifty day simple moving average is $159.83 and its two-hundred day simple moving average is $140.51.

State Street (NYSE:STT) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period last year, the company posted $2.04 EPS. Research analysts anticipate that State Street Corporation will post 12.53 EPS for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s dividend payout ratio is presently 34.08%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Zacks Research cut shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Wells Fargo & Company increased their target price on shares of State Street from $171.00 to $196.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Barclays set a $165.00 target price on State Street in a research note on Monday, April 20th. Truist Financial boosted their price target on State Street from $150.00 to $176.00 and gave the company a “hold” rating in a report on Friday, June 26th. Finally, Morgan Stanley upped their price target on State Street from $166.00 to $183.00 and gave the company an “overweight” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $166.84.

Insider Activity at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the transaction, the chief executive officer owned 255,512 shares in the company, valued at approximately $39,693,789.20. This represents a 5.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the transaction, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at $9,885,701.06. This represents a 12.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is currently owned by corporate insiders.

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.