Corebridge Financial Inc. Has $5.94 Million Holdings in State Street Corporation $STT

Key Points

• Corebridge Financial Inc. reduced its stake in State Street Corporation by 4.5%, now holding 66,310 shares valued at approximately $5.9 million.
• Several hedge funds have increased their positions in State Street, with Assetmark Inc. raising its stake by 61.9% in the same quarter.
• State Street recently raised its quarterly dividend to $0.84, reflecting a positive change from the previous $0.76, and a dividend yield of 2.9%.

Corebridge Financial Inc. trimmed its position in shares of State Street Corporation (NYSE:STT - Free Report) by 4.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 66,310 shares of the asset manager's stock after selling 3,101 shares during the period. Corebridge Financial Inc.'s holdings in State Street were worth $5,937,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Eastern Bank lifted its stake in State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after buying an additional 2,947,153 shares during the last quarter. Nuveen LLC acquired a new position in shares of State Street in the first quarter valued at approximately $93,016,000. Azora Capital LP acquired a new position in State Street during the fourth quarter worth $80,294,000. Invesco Ltd. grew its holdings in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after purchasing an additional 674,120 shares during the last quarter. Finally, Miller Howard Investments Inc. NY acquired a new stake in State Street in the first quarter valued at $42,504,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

STT has been the topic of several recent research reports. Truist Financial upped their price objective on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, August 14th. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Bank of America increased their target price on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Evercore ISI raised their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company raised their price objective on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $112.82.

State Street Stock Performance

Shares of STT traded down $0.22 during mid-day trading on Monday, hitting $115.02. The stock had a trading volume of 995,204 shares, compared to its average volume of 1,523,569. The company has a market cap of $32.63 billion, a PE ratio of 12.88, a PEG ratio of 1.13 and a beta of 1.50. The company's fifty day simple moving average is $110.34 and its two-hundred day simple moving average is $98.13. The company has a quick ratio of 0.57, a current 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 $116.37.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. The business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business's revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $2.15 EPS. On average, equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The business 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 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 of this dividend is Wednesday, October 1st. State Street's payout ratio is presently 34.04%.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction 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 sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by company insiders.

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.