Dimensional Fund Advisors LP Sells 15,194 Shares of State Street Corporation $STT

Key Points

• Dimensional Fund Advisors LP trimmed its stake in State Street by 15,194 shares (0.5%) in Q3, leaving 3,060,375 shares—about a 1.10% ownership valued at $355.06 million.
• State Street beat expectations with $2.97 EPS vs. $2.82 expected and $3.67B revenue vs. $3.57B, and announced a quarterly dividend of $0.84 (annualized $3.36, ~2.7% yield; ex-dividend April 1).
• Analysts are broadly positive—MarketBeat shows a consensus "Moderate Buy" with a $135.83 price target, and institutional investors own roughly 87.44% of the stock (market cap ≈ $34.9B, P/E 13.3).

Dimensional Fund Advisors LP lessened its holdings in State Street Corporation (NYSE:STT - Free Report) by 0.5% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,060,375 shares of the asset manager's stock after selling 15,194 shares during the period. Dimensional Fund Advisors LP owned 1.10% of State Street worth $355,058,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. True Wealth Design LLC raised its holdings in shares of State Street by 166.3% in the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager's stock valued at $29,000 after acquiring an additional 158 shares in the last quarter. Flagship Wealth Advisors LLC bought a new position in shares of State Street in the third quarter worth approximately $35,000. SJS Investment Consulting Inc. raised its stake in State Street by 2,142.9% in the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager's stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC lifted 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 purchasing an additional 94 shares during the last quarter. Finally, Root Financial Partners LLC purchased a new position in State Street in the 3rd quarter worth approximately $47,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

STT has been the topic of several research reports. TD Cowen restated a "buy" rating on shares of State Street in a research report on Wednesday, January 7th. Citigroup started coverage on State Street in a research report on Monday, February 23rd. They set a "buy" rating and a $150.00 price target on the stock. Truist Financial set a $136.00 price objective on State Street in a report on Tuesday, January 20th. Zacks Research cut State Street from a "strong-buy" rating to a "hold" rating in a report on Monday, December 1st. Finally, Weiss Ratings restated a "buy (b)" rating on shares of State Street in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $135.83.

State Street Stock Down 1.1%

STT opened at $125.19 on Friday. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. The business's 50-day moving average price is $129.84 and its 200-day moving average price is $121.59. The company has a market cap of $34.89 billion, a P/E ratio of 13.30, a P/E/G ratio of 1.11 and a beta of 1.43.

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

State Street Announces Dividend

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 issued a $0.84 dividend. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.7%. State Street's dividend payout ratio (DPR) is currently 35.71%.

State Street Company Profile

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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