Korea Investment CORP Acquires 111,383 Shares of State Street Corporation $STT

Korea Investment CORP raised its holdings in shares of State Street Corporation (NYSE:STT) by 60.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 296,642 shares of the asset manager’s stock after buying an additional 111,383 shares during the quarter. Korea Investment CORP owned about 0.11% of State Street worth $34,413,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Regents of The University of California purchased a new position in shares of State Street during the third quarter worth about $324,576,000. Jones Financial Companies Lllp raised its stake in State Street by 11.7% in the third quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock valued at $24,139,000 after purchasing an additional 21,810 shares in the last quarter. Machina Capital S.A.S. bought a new stake in State Street during the third quarter valued at approximately $2,622,000. AE Wealth Management LLC purchased a new position in State Street in the 3rd quarter worth approximately $6,611,000. Finally, Impax Asset Management Group plc grew its stake in State Street by 49.2% in the 3rd quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock worth $14,847,000 after buying an additional 42,198 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on STT. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. Morgan Stanley cut their target price on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Loop Capital set a $144.00 price target on State Street in a research report on Tuesday, January 6th. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Finally, Truist Financial set a $136.00 price objective on State Street in a report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and an average price target of $135.83.

State Street Trading Up 0.5%

STT stock opened at $121.67 on Tuesday. The company has a market capitalization of $33.91 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 1.06 and a beta of 1.43. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. State Street Corporation has a one year low of $72.81 and a one year high of $137.05. The company’s 50 day moving average price is $129.41 and its two-hundred day moving average price is $121.87.

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

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, April 1st. State Street’s dividend payout ratio is presently 35.71%.

State Street 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.