Gulf International Bank UK Ltd lowered its position in State Street Corporation (NYSE:STT - Free Report) by 23.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 16,853 shares of the asset manager's stock after selling 5,021 shares during the quarter. Gulf International Bank UK Ltd's holdings in State Street were worth $1,508,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. National Pension Service grew its holdings in State Street by 2.6% during the 1st quarter. National Pension Service now owns 491,754 shares of the asset manager's stock valued at $44,027,000 after buying an additional 12,325 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of State Street by 6.2% during the 1st quarter. Russell Investments Group Ltd. now owns 418,408 shares of the asset manager's stock valued at $37,448,000 after acquiring an additional 24,387 shares during the last quarter. Prudential PLC lifted its position in State Street by 1,045.2% in the 1st quarter. Prudential PLC now owns 63,762 shares of the asset manager's stock worth $5,709,000 after buying an additional 58,194 shares during the last quarter. Resona Asset Management Co. Ltd. lifted its position in State Street by 5.5% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 93,106 shares of the asset manager's stock worth $8,329,000 after buying an additional 4,862 shares during the last quarter. Finally, Callan Family Office LLC lifted its position in State Street by 144.0% in the 1st quarter. Callan Family Office LLC now owns 27,406 shares of the asset manager's stock worth $2,454,000 after buying an additional 16,172 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.
State Street Stock Performance
NYSE:STT traded up $0.0850 on Wednesday, hitting $111.2350. The stock had a trading volume of 935,664 shares, compared to its average volume of 2,071,402. The stock has a market cap of $31.56 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 1.22 and a beta of 1.48. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The business's 50-day simple moving average is $107.41 and its two-hundred day simple moving average is $97.16. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $114.28.
State Street (NYSE:STT - Get Free Report) last announced its 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. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business 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 earnings per share. The business's revenue for the quarter was up 2.9% on a year-over-year basis. As a group, research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.
State Street Increases Dividend
The business also recently disclosed 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 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is presently 37.63%.
Insider Buying and Selling
In related news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.29% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on STT shares. Evercore ISI upped their target price on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Bank of America upped their target price on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. Citigroup increased their price objective on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. The Goldman Sachs Group increased their price objective on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Truist Financial increased their price objective on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, August 14th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $112.82.
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About State Street
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Free Report)
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.
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