Kentucky Retirement Systems Purchases 18,474 Shares of State Street Corporation $STT

Kentucky Retirement Systems boosted its position in shares of State Street Corporation (NYSE:STT) by 104.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 36,245 shares of the asset manager’s stock after purchasing an additional 18,474 shares during the period. Kentucky Retirement Systems’ holdings in State Street were worth $4,587,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of STT. Brighton Jones LLC bought a new position in shares of State Street in the fourth quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after acquiring an additional 918 shares during the last quarter. NewEdge Advisors LLC raised its holdings in State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after acquiring an additional 5,226 shares during the last quarter. Empowered Funds LLC lifted its position in State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after acquiring an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP boosted its stake in State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after purchasing an additional 6,767 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

NYSE STT opened at $182.93 on Friday. The company has a market capitalization of $50.63 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 0.73 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. The business’s fifty day moving average is $171.34 and its 200 day moving average is $147.45. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $192.51.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.State Street’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.04 earnings per share. Sell-side analysts predict that State Street Corporation will post 13.68 earnings per share for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s dividend payout ratio is presently 32.45%.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

STT has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods lifted their target price on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. The Goldman Sachs Group increased their price target on State Street from $168.00 to $194.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Evercore set a $200.00 price objective on State Street in a report on Monday, July 20th. Truist Financial reiterated a “hold” rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Finally, Morgan Stanley raised their target price on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $184.72.

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.