Mirae Asset Global Investments Co. Ltd. grew its holdings in State Street Co. (NYSE:STT – Get Rating) by 59.8% during the first quarter, HoldingsChannel reports. The firm owned 64,493 shares of the asset manager’s stock after acquiring an additional 24,124 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in State Street were worth $5,619,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of STT. Tcwp LLC purchased a new position in State Street in the 1st quarter worth approximately $25,000. Citizens National Bank Trust Department purchased a new stake in shares of State Street during the 4th quarter valued at approximately $37,000. City State Bank purchased a new stake in shares of State Street during the 4th quarter valued at approximately $40,000. Covestor Ltd raised its position in shares of State Street by 69.2% during the 1st quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock valued at $50,000 after buying an additional 234 shares during the period. Finally, Quent Capital LLC purchased a new stake in shares of State Street during the 4th quarter valued at approximately $54,000. 89.17% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the stock. Morgan Stanley reduced their price target on shares of State Street from $106.00 to $86.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 6th. UBS Group reduced their price target on shares of State Street from $101.00 to $91.00 in a research report on Monday, July 11th. Evercore ISI set a $78.00 target price on shares of State Street in a report on Tuesday, July 19th. Royal Bank of Canada dropped their target price on shares of State Street from $90.00 to $80.00 in a report on Tuesday, June 14th. Finally, Piper Sandler dropped their target price on shares of State Street from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, July 1st. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, State Street has an average rating of “Hold” and an average target price of $84.81.
State Street Stock Performance
State Street Increases Dividend
The firm 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 is an increase from State Street’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, September 30th. This represents a $2.52 annualized dividend and a dividend yield of 3.81%. State Street’s payout ratio is 31.58%.
State Street Profile
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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