Hotchkis & Wiley Capital Management LLC Has $453.87 Million Position in State Street Corporation $STT

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in State Street Corporation by 3.7%, now holding approximately $453.87 million worth of shares.
• State Street recently announced an increase in its quarterly dividend, now set at $0.84 per share, reflecting a 2.9% dividend yield.
• The company reported a quarterly EPS of $2.53, exceeding analysts' expectations, and a revenue of $3.47 billion for the quarter.

Hotchkis & Wiley Capital Management LLC lessened its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 3.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,069,454 shares of the asset manager's stock after selling 196,116 shares during the period. State Street accounts for 1.5% of Hotchkis & Wiley Capital Management LLC's portfolio, making the stock its 21st largest holding. Hotchkis & Wiley Capital Management LLC owned 1.78% of State Street worth $453,868,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Invesco Ltd. grew its holdings in State Street by 9.0% during 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. Northern Trust Corp grew its holdings in State Street by 2.8% during the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock valued at $381,770,000 after purchasing an additional 115,751 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in State Street by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock valued at $274,732,000 after purchasing an additional 14,011 shares during the last quarter. Eastern Bank grew its holdings in State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after purchasing an additional 2,947,153 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in State Street by 16.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,696,326 shares of the asset manager's stock valued at $241,403,000 after purchasing an additional 387,196 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Trading Up 2.7%

NYSE STT opened at $115.3610 on Friday. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $115.65. The stock has a market capitalization of $32.73 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 1.10 and a beta of 1.48. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The stock's 50 day moving average price is $108.38 and its two-hundred day moving average price is $97.47.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. During the same quarter in the prior year, the business posted $2.15 EPS. The business's revenue was up 2.9% compared to the same quarter last year. As a group, analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal 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 paid a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is currently 37.63%.

Wall Street Analyst Weigh In

STT has been the topic of several analyst reports. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Truist Financial increased their price target on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, August 14th. Citigroup raised their price objective on shares of State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Morgan Stanley raised their price objective on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Finally, Wells Fargo & Company raised their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $112.82.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the company'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 transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.29% of the stock is currently owned by corporate 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.

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