State Street Corporation $STT Shares Bought by Ramirez Asset Management Inc.

Ramirez Asset Management Inc. grew its stake in shares of State Street Corporation (NYSE:STT) by 37.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,597 shares of the asset manager’s stock after acquiring an additional 1,242 shares during the period. Ramirez Asset Management Inc.’s holdings in State Street were worth $489,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of STT. First Pacific Financial acquired a new position in shares of State Street during the 1st quarter worth approximately $25,000. Capital Analysts LLC raised its position in shares of State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC raised its position in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after purchasing an additional 118 shares during the last quarter. Golden State Wealth Management LLC raised its position in shares of State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after purchasing an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. raised its position in shares of State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock worth $45,000 after purchasing an additional 251 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Trading Up 0.5%

STT stock opened at $117.24 on Friday. The company has a market cap of $33.26 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.20 and a beta of 1.46. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The business has a fifty day simple moving average of $113.18 and a 200-day simple moving average of $102.09. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $118.24.

State Street (NYSE:STT) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same period in the previous year, the company posted $2.15 EPS. The company’s revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This is a positive change from State Street’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. State Street’s dividend payout ratio is currently 37.63%.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Truist Financial lifted their price objective on State Street from $125.00 to $133.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research report on Wednesday. BMO Capital Markets began coverage on State Street in a research report on Friday, October 3rd. They set an “outperform” rating and a $130.00 price objective for the company. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Finally, Wells Fargo & Company boosted their price target on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $122.83.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.