Regents of The University of California Has $1.27 Billion Stock Position in State Street Corporation $STT

Regents of The University of California increased its stake in shares of State Street Corporation (NYSE:STT) by 15.6% during the first quarter, HoldingsChannel.com reports. The fund owned 10,065,118 shares of the asset manager’s stock after purchasing an additional 1,358,923 shares during the period. State Street makes up 42.4% of Regents of The University of California’s holdings, making the stock its largest position. Regents of The University of California’s holdings in State Street were worth $1,273,841,000 at the end of the most recent quarter.

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

Insider Activity at State Street

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer directly owned 240,959 shares in the company, valued at $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,576 shares of company stock worth $8,415,875 over the last three months. Company insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on STT. Keefe, Bruyette & Woods raised their target price on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Friday, July 17th. Royal Bank Of Canada raised their price target on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research report on Friday, July 17th. Bank of America boosted their price objective on State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. increased their target price on State Street from $158.50 to $176.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $184.72.

State Street Price Performance

Shares of State Street stock opened at $184.60 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57. State Street Corporation has a fifty-two week low of $104.64 and a fifty-two week high of $192.51. The firm has a fifty day moving average price of $171.96 and a two-hundred day moving average price of $147.71. The company has a market cap of $51.09 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 0.76 and a beta of 1.42.

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

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio (DPR) is 29.63%.

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.