Quantbot Technologies LP Boosts Stock Position in State Street Corporation $STT

Quantbot Technologies LP increased its stake in shares of State Street Corporation (NYSE:STT) by 765.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,822 shares of the asset manager’s stock after buying an additional 4,265 shares during the quarter. Quantbot Technologies LP’s holdings in State Street were worth $559,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Invesco Ltd. grew its holdings in shares of State Street by 4.7% in the second quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock valued at $910,934,000 after purchasing an additional 381,547 shares during the period. Dodge & Cox increased its holdings in shares of State Street by 1.1% during the 2nd quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock worth $788,236,000 after buying an additional 80,855 shares during the last quarter. Geode Capital Management LLC raised its position in shares of State Street by 0.4% during the 2nd 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 during the period. Regents of The University of California acquired a new position in State Street in the third quarter valued at approximately $324,576,000. Finally, Nordea Investment Management AB grew its position in State Street by 7.8% in the third quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after acquiring an additional 178,136 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on STT shares. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a report on Tuesday, January 6th. Truist Financial set a $136.00 target price on shares of State Street in a research report on Tuesday, January 20th. Zacks Research cut shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Finally, TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $135.83.

State Street Stock Performance

NYSE STT opened at $120.85 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. The company has a market cap of $33.68 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.06 and a beta of 1.43. The stock has a 50-day moving average of $129.61 and a two-hundred day moving average of $121.80. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05.

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

State Street Dividend Announcement

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 $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Wednesday, April 1st. State Street’s dividend payout ratio (DPR) is currently 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.