Atria Wealth Solutions Inc. Boosts Stake in State Street Corporation (NYSE:STT)

Key Points

• Atria Wealth Solutions Inc. increased its stake in State Street Corporation by 24.2%, owning 25,553 shares worth approximately $2.29 million after acquiring additional shares in the first quarter.
• State Street recently announced a quarterly dividend increase from $0.76 to $0.84 per share, representing an annualized yield of 3.0%.
• State Street's recent earnings report showed EPS of $2.53, surpassing analysts' expectations, with revenue of $3.47 billion for the quarter, which was a 2.9% increase year-over-year.

Atria Wealth Solutions Inc. lifted its stake in State Street Corporation (NYSE:STT - Free Report) by 24.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,553 shares of the asset manager's stock after purchasing an additional 4,978 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in State Street were worth $2,288,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. First Pacific Financial acquired a new position in State Street during the 1st quarter valued at about $25,000. 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. Coppell Advisory Solutions LLC increased its holdings in shares of State Street by 2,942.9% in the fourth 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 period. Golden State Wealth Management LLC raised its stake in shares of State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after buying an additional 310 shares during the last quarter. Finally, Minot DeBlois Advisors LLC purchased a new stake in shares of State Street in the fourth quarter worth about $49,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

STT has been the topic of several research reports. Evercore ISI increased their price target on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Truist Financial decreased their target price on State Street from $122.00 to $116.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. The Goldman Sachs Group upped their price objective on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods cut their price target on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, State Street currently has an average rating of "Hold" and a consensus target price of $112.00.

State Street Stock Performance

Shares of STT stock traded up $1.49 during trading hours on Tuesday, hitting $111.32. 2,201,367 shares of the company were exchanged, compared to its average volume of 2,098,208. The firm has a fifty day simple moving average of $105.74 and a 200 day simple moving average of $96.69. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $114.28. The stock has a market capitalization of $31.58 billion, a price-to-earnings ratio of 12.47, a P/E/G ratio of 1.23 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $3.33 billion. During the same period last year, the firm posted $2.15 EPS. State Street's revenue for the quarter was up 2.9% compared to the same quarter last year. Research analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

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

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of State Street 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 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 legal filing with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.

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.