Mairs & Power Inc. acquired a new stake in State Street Co. (NYSE:STT – Get Rating) during the 1st quarter, Holdings Channel.com reports. The firm acquired 2,357 shares of the asset manager’s stock, valued at approximately $205,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new stake in shares of State Street in the 4th quarter valued at about $259,564,000. Invesco Ltd. increased its stake in State Street by 36.4% in the first quarter. Invesco Ltd. now owns 9,955,009 shares of the asset manager’s stock valued at $867,281,000 after purchasing an additional 2,654,101 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of State Street by 438.7% during the first quarter. Victory Capital Management Inc. now owns 935,663 shares of the asset manager’s stock worth $74,067,000 after purchasing an additional 761,958 shares in the last quarter. BlackRock Inc. grew its holdings in shares of State Street by 2.7% in the 4th quarter. BlackRock Inc. now owns 27,647,573 shares of the asset manager’s stock valued at $2,571,225,000 after buying an additional 736,932 shares during the period. Finally, State Street Corp grew its holdings in shares of State Street by 3.9% in the 4th quarter. State Street Corp now owns 18,572,237 shares of the asset manager’s stock valued at $1,737,731,000 after buying an additional 697,276 shares during the period. 89.17% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have weighed in on STT shares. Royal Bank of Canada reduced their target price on State Street from $90.00 to $80.00 in a report on Tuesday, June 14th. Citigroup boosted their price objective on State Street to $74.00 in a research report on Friday, July 22nd. UBS Group dropped their target price on shares of State Street from $101.00 to $91.00 in a report on Monday, July 11th. Wells Fargo & Company reduced their price target on shares of State Street from $95.00 to $71.00 and set an “equal weight” rating for the company in a report on Friday, July 1st. Finally, Piper Sandler dropped their price objective on shares of State Street from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Friday, July 1st. Eight research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $84.81.
State Street Price Performance
State Street Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Shareholders of record on Monday, October 3rd will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.45%. This is an increase from State Street’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, September 30th. State Street’s dividend payout ratio (DPR) is currently 31.58%.
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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; 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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