South Dakota Investment Council Has $11.38 Million Holdings in State Street Corporation $STT

South Dakota Investment Council trimmed its position in shares of State Street Corporation (NYSE:STT) by 16.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 98,120 shares of the asset manager’s stock after selling 19,826 shares during the period. South Dakota Investment Council’s holdings in State Street were worth $11,383,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Regents of The University of California acquired a new stake in shares of State Street during the 3rd quarter worth approximately $324,576,000. Norges Bank bought a new stake in State Street during the second quarter worth $256,367,000. First Trust Advisors LP boosted its holdings in shares of State Street by 39.0% in the 2nd quarter. First Trust Advisors LP now owns 2,009,190 shares of the asset manager’s stock valued at $213,657,000 after purchasing an additional 564,202 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of State Street in the 3rd quarter valued at $62,092,000. Finally, Invesco Ltd. raised 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 worth $910,934,000 after buying an additional 381,547 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on STT. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. Morgan Stanley reduced their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Finally, Loop Capital set a $144.00 price target on shares of State Street in a report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $135.83.

State Street Trading Up 0.7%

NYSE STT opened at $129.50 on Tuesday. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $137.05. The business has a 50 day moving average price of $130.17 and a 200-day moving average price of $121.43. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The company has a market cap of $36.10 billion, a price-to-earnings ratio of 13.76, a P/E/G ratio of 1.13 and a beta of 1.43.

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

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, April 1st. State Street’s payout ratio is currently 35.71%.

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.