L & S Advisors Inc Has $4.34 Million Stake in State Street Corporation (NYSE:STT)

Key Points

• L & S Advisors Inc reduced its holdings in State Street Corporation by 41.6%, selling 34,518 shares in the first quarter, leaving it with a total of 48,437 shares valued at $4.34 million.
• State Street recently reported earnings per share of $2.53 for the last quarter, surpassing the expected $2.36 and showing a year-over-year revenue increase of 2.9%.
• The company announced a quarterly dividend increase to $0.84 per share, up from $0.76, representing an annualized yield of 3.1%.

L & S Advisors Inc lowered its holdings in State Street Corporation (NYSE:STT - Free Report) by 41.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 48,437 shares of the asset manager's stock after selling 34,518 shares during the quarter. L & S Advisors Inc's holdings in State Street were worth $4,337,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. grew its holdings in shares of State Street by 5.7% during the 4th quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager's stock worth $737,162,000 after purchasing an additional 406,396 shares in the last quarter. FMR LLC boosted its stake in State Street by 14.2% in the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock valued at $685,441,000 after buying an additional 870,849 shares in the last quarter. Northern Trust Corp boosted its stake in State Street by 15.7% in the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after buying an additional 563,790 shares in the last quarter. Eastern Bank boosted its stake in State Street by 6,967.4% in the 1st 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 in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in State Street by 10.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,664,062 shares of the asset manager's stock valued at $261,478,000 after buying an additional 242,493 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company's stock.

State Street Trading Down 0.4%

Shares of STT stock traded down $0.47 on Tuesday, reaching $109.31. 330,855 shares of the stock were exchanged, compared to its average volume of 2,113,366. The stock has a market cap of $31.01 billion, a PE ratio of 12.25, a P/E/G ratio of 1.21 and a beta of 1.48. State Street Corporation has a one year low of $72.81 and a one year high of $114.28. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a 50 day moving average price of $104.38 and a 200 day moving average price of $96.26.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating 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 business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the company posted $2.15 earnings per share. The firm's revenue was up 2.9% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. This is an increase from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is 34.04%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Morgan Stanley boosted their price target on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Citigroup boosted their price target on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Bank of America lifted their price objective on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Truist Financial cut their price objective on State Street from $122.00 to $116.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, The Goldman Sachs Group lifted their price objective on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, State Street currently has an average rating of "Hold" and a consensus price target of $112.00.

State Street Company Profile

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.