J. Safra Sarasin Holding AG Has $332,000 Holdings in State Street Corporation $STT

Key Points

• J. Safra Sarasin Holding AG significantly reduced its stake in State Street Corporation by 88.0% in Q2, now holding shares worth $332,000.
• State Street declared a quarterly dividend increase from $0.76 to $0.84 per share, with a dividend yield of 2.9%.
• The company surpassed earnings expectations for the latest quarter, reporting $2.53 earnings per share, exceeding the consensus estimate of $2.36.

J. Safra Sarasin Holding AG lessened its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 88.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,124 shares of the asset manager's stock after selling 22,980 shares during the period. J. Safra Sarasin Holding AG's holdings in State Street were worth $332,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of STT. Brighton Jones LLC acquired a new stake in State Street during the 4th quarter worth about $296,000. Merit Financial Group LLC raised its holdings in State Street by 45.3% during the 1st quarter. Merit Financial Group LLC now owns 5,846 shares of the asset manager's stock worth $523,000 after buying an additional 1,822 shares during the period. Vest Financial LLC acquired a new stake in State Street during the 1st quarter worth about $8,715,000. Godsey & Gibb Inc. increased its holdings in shares of State Street by 4.2% in the 1st quarter. Godsey & Gibb Inc. now owns 212,072 shares of the asset manager's stock valued at $18,987,000 after purchasing an additional 8,592 shares during the period. Finally, Wedmont Private Capital increased its holdings in shares of State Street by 4.2% in the 1st quarter. Wedmont Private Capital now owns 6,410 shares of the asset manager's stock valued at $574,000 after purchasing an additional 258 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Up 1.1%

STT opened at $116.35 on Friday. The business has a 50 day moving average of $112.83 and a 200-day moving average of $101.46. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $33.01 billion, a price-to-earnings ratio of 13.03, a P/E/G ratio of 1.13 and a beta of 1.46. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $118.06.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the previous year, the company earned $2.15 earnings per share. The business's revenue was up 2.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio is presently 37.63%.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 990 shares of State Street 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 completion of the transaction, the executive vice president directly owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on STT. TD Cowen began coverage on State Street in a report on Thursday, September 25th. They issued a "buy" rating on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of State Street in a report on Saturday, September 27th. BMO Capital Markets assumed coverage on State Street in a report on Friday. They issued an "outperform" rating and a $130.00 target price on the stock. Bank of America increased their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Finally, Morgan Stanley restated an "overweight" rating and issued a $162.00 price objective on shares of State Street in a report on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $122.67.

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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