MBB Public Markets I LLC Takes $314,000 Position in State Street Corporation $STT

Key Points

• MBB Public Markets I LLC acquired 3,504 shares of State Street Corporation, valued at approximately $314,000, as part of their 1st quarter investment.
• State Street recently reported strong quarterly earnings with an EPS of $2.53, exceeding analysts' expectations and showing a revenue increase of 2.9% year-over-year.
• The company announced an increase in its quarterly dividend to $0.84 per share, which reflects a 3.0% dividend yield and is payable on October 14th.

MBB Public Markets I LLC purchased a new position in State Street Corporation (NYSE:STT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,504 shares of the asset manager's stock, valued at approximately $314,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. United Services Automobile Association purchased a new position in shares of State Street in the first quarter worth $588,000. Caxton Associates LLP purchased a new position in shares of State Street in the first quarter worth $1,414,000. Everstar Asset Management LLC purchased a new position in shares of State Street in the first quarter worth $2,146,000. Kestra Investment Management LLC raised its holdings in shares of State Street by 8.7% in the first quarter. Kestra Investment Management LLC now owns 4,716 shares of the asset manager's stock worth $422,000 after buying an additional 376 shares during the last quarter. Finally, Stance Capital LLC raised its holdings in shares of State Street by 186.0% in the first quarter. Stance Capital LLC now owns 5,608 shares of the asset manager's stock worth $502,000 after buying an additional 3,647 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Truist Financial increased their price objective on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, August 14th. Bank of America raised their target price on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and raised their target price for the stock from $115.00 to $130.00 in a report on Friday, September 5th. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Finally, Wells Fargo & Company raised their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $114.18.

State Street Stock Performance

STT stock traded down $0.54 during midday trading on Friday, hitting $112.40. 1,068,213 shares of the stock traded hands, compared to its average volume of 1,686,478. The firm has a market cap of $31.89 billion, a P/E ratio of 12.59, a PEG ratio of 1.10 and a beta of 1.50. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The stock's fifty day simple moving average is $111.35 and its 200-day simple moving average is $98.98. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $116.37.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm's revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business earned $2.15 earnings per share. On average, analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is 37.63%.

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, 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.