Bank of Nova Scotia Boosts Stake in State Street Corporation (NYSE:STT)

Key Points

• Bank of Nova Scotia increased its stake in State Street Corporation by 74.1% in the first quarter, now holding 141,277 shares valued at approximately $12.65 million.
• The company also announced a planned quarterly dividend of $0.84 per share, an increase from the previous $0.76, representing an annual yield of 3.1%.
• State Street's recent earnings report surpassed expectations, with $2.53 EPS reported, exceeding the consensus estimate of $2.36.

Bank of Nova Scotia boosted its position in State Street Corporation (NYSE:STT - Free Report) by 74.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 141,277 shares of the asset manager's stock after acquiring an additional 60,122 shares during the period. Bank of Nova Scotia's holdings in State Street were worth $12,649,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in STT. First Pacific Financial bought a new position in State Street in the first quarter worth approximately $25,000. Larson Financial Group LLC increased its position in State Street by 40.8% in the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares during the last quarter. Coppell Advisory Solutions LLC increased its position in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after buying an additional 412 shares during the last quarter. Golden State Wealth Management LLC grew its position in shares of State Street by 186.7% in the first 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 in the last quarter. Finally, MV Capital Management Inc. boosted its stake in State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after buying an additional 251 shares during the period. Institutional investors own 87.44% of the company's stock.

State Street Price Performance

STT stock traded up $0.71 during mid-day trading on Wednesday, reaching $110.77. The company's stock had a trading volume of 1,262,307 shares, compared to its average volume of 2,359,923. The stock has a market cap of $31.43 billion, a PE ratio of 12.40, a P/E/G ratio of 1.21 and a beta of 1.48. 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 fifty-two week low of $72.81 and a fifty-two week high of $114.28. The company's 50 day moving average is $104.63 and its two-hundred day moving average is $96.35.

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

State Street Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on STT. Morgan Stanley boosted their target price on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Evercore ISI upped their price objective on 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 upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Keefe, Bruyette & Woods decreased their target price on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Finally, Barclays reduced their price target on State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, State Street presently has an average rating of "Hold" and a consensus price target of $112.00.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the 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 completion of the sale, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

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.