Franklin Resources Inc. Raises Position in State Street Corporation $STT

Franklin Resources Inc. lifted its holdings in shares of State Street Corporation (NYSE:STT) by 3.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,859,012 shares of the asset manager’s stock after acquiring an additional 137,049 shares during the period. Franklin Resources Inc.’s holdings in State Street were worth $447,684,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Brown Advisory Inc. increased its stake in State Street by 0.5% in the second quarter. Brown Advisory Inc. now owns 17,224 shares of the asset manager’s stock valued at $1,832,000 after purchasing an additional 93 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its stake in State Street by 38.2% in the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after buying an additional 94 shares during the last quarter. Global Retirement Partners LLC boosted its stake in State Street by 7.7% in the 3rd quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager’s stock worth $171,000 after buying an additional 105 shares during the last quarter. Security National Bank of SO Dak grew its holdings in State Street by 0.5% in the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock valued at $2,289,000 after buying an additional 105 shares during the period. Finally, SYM FINANCIAL Corp increased its stake in shares of State Street by 4.9% during the 3rd quarter. SYM FINANCIAL Corp now owns 2,586 shares of the asset manager’s stock valued at $300,000 after acquiring an additional 120 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

State Street stock opened at $126.08 on Thursday. The company has a market cap of $35.14 billion, a price-to-earnings ratio of 13.40, a price-to-earnings-growth ratio of 1.07 and a beta of 1.43. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. The stock’s 50-day moving average is $129.19 and its 200-day moving average is $121.95.

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

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, April 1st. State Street’s payout ratio is currently 35.71%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on STT shares. Loop Capital set a $144.00 price objective on shares of State Street in a report on Tuesday, January 6th. TD Cowen restated a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Citigroup assumed coverage on shares of State Street in a research report on Monday, February 23rd. They set a “buy” rating and a $150.00 price target for the company. Truist Financial set a $136.00 price target on shares of State Street in a research note on Tuesday, January 20th. Finally, Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Company 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.