AlphaQuest LLC Sells 8,905 Shares of State Street Corporation $STT

Key Points

• AlphaQuest LLC has reduced its stake in State Street Corporation by 53.5%, now owning 7,725 shares valued at $692,000 after selling 8,905 shares in the first quarter.
• State Street recently announced a quarterly dividend increase to $0.84, representing a 2.9% yield and marking a positive change from the previous dividend of $0.76.
• Institutional investors collectively own 87.44% of State Street's stock, showcasing significant interest and involvement from large investment entities.

AlphaQuest LLC lowered its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 53.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,725 shares of the asset manager's stock after selling 8,905 shares during the quarter. AlphaQuest LLC's holdings in State Street were worth $692,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. First Pacific Financial bought a new position in shares of State Street in the 1st quarter valued at about $25,000. Capital Analysts LLC boosted its stake in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of State Street by 40.8% in the 1st 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 during the last quarter. Coppell Advisory Solutions LLC boosted its stake in shares of State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after purchasing an additional 412 shares during the last quarter. Finally, Golden State Wealth Management LLC boosted its stake in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after purchasing an additional 310 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

State Street Stock Up 0.3%

STT stock traded up $0.36 during mid-day trading on Thursday, hitting $115.24. 1,326,650 shares of the company were exchanged, compared to its average volume of 2,065,081. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $116.37. The firm has a market cap of $32.69 billion, a P/E ratio of 12.90, a P/E/G ratio of 1.14 and a beta of 1.48. The firm's 50 day simple moving average is $109.44 and its 200 day simple moving average is $97.80.

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

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. 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%.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred on 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on STT shares. The Goldman Sachs Group raised their target price on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Evercore ISI lifted their price objective on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Truist Financial lifted 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. Finally, Wells Fargo & Company lifted their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, State Street presently has a consensus rating of "Moderate Buy" and an average price target of $112.82.

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, 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.