State Street Corporation (NYSE:STT) Shares Bought by Mackenzie Financial Corp

by · The Markets Daily

Mackenzie Financial Corp lifted its stake in shares of State Street Corporation (NYSE:STT – Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 123,247 shares of the asset manager’s stock after purchasing an additional 2,521 shares during the quarter. Mackenzie Financial Corp’s holdings in State Street were worth $11,034,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Pacific Financial bought a new stake in shares of State Street during the first quarter valued at about $25,000. Larson Financial Group LLC raised its stake in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 118 shares in the last quarter. Coppell Advisory Solutions LLC raised its position in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock worth $42,000 after acquiring an additional 412 shares in the last quarter. Golden State Wealth Management LLC raised its position in State Street by 186.7% in the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after acquiring an additional 310 shares in the last quarter. Finally, Minot DeBlois Advisors LLC bought a new stake in State Street in the fourth quarter worth about $49,000. 87.44% of the stock is currently owned by institutional investors.

State Street Price Performance

NYSE STT opened at $111.72 on Friday. The stock’s 50-day moving average price is $103.86 and its two-hundred day moving average price is $96.14. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market cap of $31.86 billion, a PE ratio of 12.51, a PEG ratio of 1.26 and a beta of 1.45. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $114.28.

State Street (NYSE:STT – Get Free Report) last released its earnings results 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 company had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter in the previous year, the business posted $2.15 EPS. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. On average, analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This is a boost 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 annualized dividend and a yield of 3.0%. State Street’s dividend payout ratio (DPR) is presently 37.63%.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares of the company’s stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the transaction, the chief accounting officer directly owned 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on STT shares. Barclays dropped their price target on shares of State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Evercore ISI boosted their price target on shares of State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. Morgan Stanley boosted their price target on shares of State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 1st. Bank of America boosted their price target on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company boosted their price target on shares of State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, State Street currently has a consensus rating of “Hold” and a consensus target price of $112.00.

Read Our Latest Report on State Street

State Street Profile

(Free Report)

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.

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