81,029 Shares in State Street Corporation (NYSE:STT) Purchased by ASR Vermogensbeheer N.V.

Key Points

• ASR Vermogensbeheer N.V. has invested approximately $7.26 million in State Street Corporation by acquiring 81,029 shares in the 1st quarter.
• State Street has seen significant increases in holdings from multiple institutional investors, with Price T Rowe Associates Inc. raising its stake by 236.3% in the last quarter.
• The company recently announced an increase in its quarterly dividend from $0.76 to $0.84 per share, reflecting an annualized yield of 3.0%.

ASR Vermogensbeheer N.V. acquired a new position in shares of State Street Corporation (NYSE:STT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 81,029 shares of the asset manager's stock, valued at approximately $7,255,000.

A number of other large investors have also recently made changes to their positions in the stock. Meeder Advisory Services Inc. increased its position in shares of State Street by 2.0% in the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock valued at $515,000 after acquiring an additional 114 shares during the period. Sequoia Financial Advisors LLC grew its stake in State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after purchasing an additional 118 shares during the last quarter. Larson Financial Group LLC increased its holdings in shares of State Street by 40.8% in the first 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 period. MassMutual Private Wealth & Trust FSB raised its stake in shares of State Street by 13.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after purchasing an additional 134 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of State Street by 8.4% during the first quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager's stock worth $203,000 after purchasing an additional 176 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The stock was 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 in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

State Street Stock Performance

STT stock traded down $0.72 during midday trading on Monday, hitting $110.36. 286,013 shares of the stock traded hands, compared to its average volume of 2,088,132. The stock's fifty day simple moving average is $105.47 and its 200-day simple moving average is $96.61. The firm has a market cap of $31.31 billion, a P/E ratio of 12.36, a PEG ratio of 1.23 and a beta of 1.48. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $114.28. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping 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 business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the firm posted $2.15 earnings per share. The company's revenue was up 2.9% compared to the same quarter last year. On average, analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm 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 dividend of $0.84 per share. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. State Street's payout ratio is 34.04%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on STT. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Truist Financial cut their price objective on shares of State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Morgan Stanley increased their price objective on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. The Goldman Sachs Group increased their price objective on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Bank of America upped their price target on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, State Street presently has an average rating of "Hold" and a consensus price target of $112.00.

State Street Company 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.