Louisiana State Employees Retirement System Makes New Investment in State Street Corporation $STT

Louisiana State Employees Retirement System purchased a new stake in State Street Corporation (NYSE:STT) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 14,200 shares of the asset manager’s stock, valued at approximately $1,797,000.

Several other institutional investors and hedge funds also recently made changes to their positions in STT. Brighton Jones LLC acquired a new stake in State Street during the 4th quarter valued at approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of 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 purchasing an additional 918 shares during the period. NewEdge Advisors LLC lifted its position in shares of 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 purchasing an additional 5,226 shares during the period. Empowered Funds LLC boosted its stake in shares of 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 purchasing an additional 15,996 shares during the last quarter. Finally, Woodline Partners LP boosted its stake in shares of State Street by 38.4% in 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. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

NYSE:STT opened at $169.71 on Wednesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $101.98 and a twelve month high of $175.46. The company has a fifty day moving average of $158.73 and a 200-day moving average of $139.71. The firm has a market capitalization of $46.97 billion, a P/E ratio of 17.21, a P/E/G ratio of 0.92 and a beta of 1.43.

State Street (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. State Street’s revenue was up 15.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.04 earnings per share. As a group, sell-side analysts anticipate that State Street Corporation will post 12.53 EPS for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s dividend payout ratio is 34.08%.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the transaction, the executive vice president owned 59,552 shares in the company, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 37,876 shares of company stock worth $5,866,583 over the last quarter. Company insiders own 0.27% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on STT. UBS Group set a $176.00 target price on shares of State Street in a research note on Friday. Truist Financial upped their price target on shares of State Street from $150.00 to $176.00 and gave the company a “hold” rating in a research report on Friday, June 26th. Wells Fargo & Company increased their price target on State Street from $171.00 to $196.00 and gave the stock an “overweight” rating in a report on Wednesday, June 24th. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Seaport Research Partners reissued a “buy” rating and issued a $170.00 price objective on shares of State Street in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $166.84.

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.