Longbow Finance SA Trims Holdings in State Street Corporation (NYSE:STT)

Key Points

• Longbow Finance SA reduced its stake in State Street Corporation by 17.7%, selling 16,143 shares and retaining a total of 75,173 shares valued at approximately $6.73 million.
• State Street recently announced a quarterly dividend of $0.84 per share, an increase from the previous $0.76, representing an annual yield of 3.03%.
• Analysts have varied ratings on State Street, with the average target price set at $112.00, including upgrades in price targets from firms such as Citigroup and Morgan Stanley.

Longbow Finance SA lowered its holdings in State Street Corporation (NYSE:STT - Free Report) by 17.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 75,173 shares of the asset manager's stock after selling 16,143 shares during the quarter. Longbow Finance SA's holdings in State Street were worth $6,730,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in STT. First Pacific Financial acquired a new stake in shares of State Street in the first quarter worth $25,000. Larson Financial Group LLC boosted its holdings in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares in the last quarter. Coppell Advisory Solutions LLC boosted its holdings in State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after buying an additional 412 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after buying an additional 310 shares in the last quarter. Finally, MV Capital Management Inc. boosted its holdings in State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after buying an additional 251 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Price Performance

Shares of NYSE:STT traded down $0.65 on Monday, reaching $112.28. 641,349 shares of the company were exchanged, compared to its average volume of 2,139,709. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $113.72. The firm has a market cap of $32.02 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 1.25 and a beta of 1.45. The company has a 50-day moving average of $102.60 and a 200-day moving average of $95.65.

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 business had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. During the same period in the prior year, the company posted $2.15 EPS. The business's revenue for the quarter was up 2.9% on a year-over-year basis. Equities analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm 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 is an increase from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is 34.04%.

Insider Activity

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the transaction, the chief accounting officer directly owned 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were 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 of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on STT. Keefe, Bruyette & Woods lowered their price target on shares of State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Truist Financial lowered their price target on shares of State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Bank of America increased their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company increased their price objective on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Evercore ISI increased their price objective on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price 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.