State Street Corporation $STT Shares Bought by Franklin Resources Inc.

Franklin Resources Inc. increased its position in State Street Corporation (NYSE:STT) by 3.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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. owned approximately 1.38% of State Street worth $447,684,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Invesco Ltd. boosted its position in State Street by 4.7% during the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock worth $910,934,000 after purchasing an additional 381,547 shares in the last quarter. Dodge & Cox grew its holdings in State Street by 1.1% in the second quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after purchasing an additional 80,855 shares during the last quarter. Geode Capital Management LLC increased its position in shares of State Street by 0.4% in the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock valued at $784,930,000 after buying an additional 27,098 shares in the last quarter. Regents of The University of California purchased a new position in shares of State Street in the third quarter valued at $324,576,000. Finally, First Trust Advisors LP raised its stake in shares of State Street by 36.8% during the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock worth $318,754,000 after buying an additional 738,456 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on STT shares. Zacks Research lowered shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Truist Financial set a $136.00 target price on shares of State Street in a report on Tuesday, January 20th. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. Finally, Loop Capital set a $144.00 price target on shares of State Street in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $135.83.

State Street Stock Up 2.9%

Shares of NYSE:STT opened at $126.08 on Thursday. 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 capitalization of $35.14 billion, a P/E ratio of 13.40, a P/E/G ratio of 1.07 and a beta of 1.43. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $137.05. The stock’s fifty day simple moving average is $129.19 and its 200-day simple moving average is $121.95.

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

State Street Dividend Announcement

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

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.