Acadian Asset Management LLC Sells 28,238 Shares of State Street Corporation $STT

Key Points

• Acadian Asset Management LLC reduced its stake in State Street Corporation by 14.0% during the first quarter, now owning approximately 0.06% of the company, valued at about $15.55 million.
• State Street recently raised its quarterly dividend to $0.84, representing a yield of 3.0%, up from the previous dividend of $0.76.
• The company reported earnings per share of $2.53 for the last quarter, exceeding analyst expectations and showing a revenue increase of 2.9% compared to the same quarter last year.

Acadian Asset Management LLC cut its position in shares of State Street Corporation (NYSE:STT - Free Report) by 14.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 173,726 shares of the asset manager's stock after selling 28,238 shares during the quarter. Acadian Asset Management LLC owned 0.06% of State Street worth $15,550,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Assetmark Inc. lifted its stake in State Street by 61.9% during the first quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock valued at $84,000 after buying an additional 357 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of State Street by 1.6% in the first quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock worth $30,387,000 after purchasing an additional 5,242 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of State Street by 127.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock worth $2,728,000 after purchasing an additional 17,201 shares in the last quarter. Index Fund Advisors Inc. purchased a new stake in shares of State Street in the first quarter worth approximately $505,000. Finally, Bank of New York Mellon Corp lifted its position in shares of State Street by 6.0% in the first quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after purchasing an additional 123,259 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were 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 approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on STT. The Goldman Sachs Group increased their price target on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and increased their price target for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. Truist Financial increased their price target on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, August 14th. Bank of America increased 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, Evercore ISI increased their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. 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, the stock has a consensus rating of "Moderate Buy" and an average price target 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 company traded hands, compared to its average volume of 1,675,304. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $116.37. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The business has a 50 day simple moving average of $111.35 and a 200-day simple moving average of $98.99. The stock has a market capitalization of $31.89 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 1.10 and a beta of 1.50.

State Street (NYSE:STT - Get Free Report) last announced 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. 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 the consensus estimate of $3.33 billion. During the same quarter last year, the company posted $2.15 earnings per share. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 3.0%. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio is 34.04%.

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.