Capital International Investors Lowers Holdings in State Street Corporation $STT

Key Points

• Capital International Investors trimmed its stake in State Street by 22.4% in Q3, selling 655,787 shares and ending the period with 2,275,823 shares (about 0.81% ownership) worth roughly $264.0 million.
• State Street beat quarterly expectations with EPS of $2.97 versus $2.82 estimated and revenue of $3.67 billion versus $3.57 billion estimated, with revenue up 7.5% year-over-year.
• The company announced a $0.84 quarterly dividend ($3.36 annualized, ~2.7% yield), while analysts hold a consensus "Moderate Buy" rating with an average price target of $135.83.

Capital International Investors trimmed its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 22.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,275,823 shares of the asset manager's stock after selling 655,787 shares during the period. Capital International Investors owned about 0.81% of State Street worth $264,022,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of STT. True Wealth Design LLC grew its stake in shares of State Street by 166.3% during the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager's stock worth $29,000 after purchasing an additional 158 shares during the period. Flagship Wealth Advisors LLC acquired a new position in shares of State Street in the 3rd quarter valued at $35,000. SJS Investment Consulting Inc. boosted its holdings in State Street by 2,142.9% during the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager's stock worth $36,000 after buying an additional 300 shares in the last quarter. Ameriflex Group Inc. boosted its holdings in State Street by 102.5% during the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager's stock worth $37,000 after buying an additional 161 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC grew its position in State Street by 38.2% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager's stock valued at $39,000 after buying an additional 94 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 0.5%

Shares of NYSE STT opened at $122.50 on Wednesday. The firm has a market cap of $34.14 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 1.07 and a beta of 1.43. The company's 50-day simple moving average is $129.25 and its 200-day simple moving average is $121.92. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $137.05.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.60 EPS. Equities analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, April 1st. State Street's dividend payout ratio (DPR) is 35.71%.

Analysts Set New Price Targets

STT has been the subject of a number of recent analyst reports. Loop Capital set a $144.00 price objective on shares of State Street in a report on Tuesday, January 6th. Wall Street Zen upgraded State Street from a "sell" rating to a "hold" rating in a research report on Saturday, January 17th. Weiss Ratings restated a "buy (b)" rating on shares of State Street in a research note on Wednesday, January 21st. Truist Financial set a $136.00 price target on State Street in a report on Tuesday, January 20th. Finally, TD Cowen reiterated a "buy" rating on shares of State Street in a research report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $135.83.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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