LSV Asset Management Sells 211,618 Shares of State Street Corporation (NYSE:STT)

Key Points

• LSV Asset Management reduced its stake in State Street Corporation by 4.2%, owning 4,806,710 shares post-sale, making it the firm's 17th biggest holding.
• State Street reported $2.53 earnings per share for the last quarter, exceeding analysts’ expectations and showing a year-over-year revenue increase of 2.9%.
• The company announced an increase in its quarterly dividend from $0.76 to $0.84, highlighting a positive financial outlook with a yield of 3.1%.

LSV Asset Management lowered its position in shares of State Street Corporation (NYSE:STT - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,806,710 shares of the asset manager's stock after selling 211,618 shares during the quarter. State Street accounts for approximately 1.0% of LSV Asset Management's investment portfolio, making the stock its 17th biggest holding. LSV Asset Management owned 1.67% of State Street worth $430,345,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Pacific Financial purchased a new position in shares of State Street in the first quarter worth about $25,000. Larson Financial Group LLC boosted its holdings in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares during the period. Coppell Advisory Solutions LLC grew its stake in State Street by 2,942.9% in the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after buying an additional 412 shares in the last quarter. Golden State Wealth Management LLC lifted its position in shares of 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 acquiring an additional 310 shares in the last quarter. Finally, MV Capital Management Inc. lifted its position in shares of 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 acquiring an additional 251 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Activity at State Street

In other State Street 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 completion of the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Truist Financial dropped their price objective on State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Wells Fargo & Company increased their price target on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Barclays lowered their target price on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, Evercore ISI boosted their price target on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, State Street presently has an average rating of "Hold" and an average price target of $112.00.

State Street Price Performance

Shares of NYSE STT traded up $1.21 during trading hours on Monday, reaching $109.80. 1,171,344 shares of the stock traded hands, compared to its average volume of 2,437,742. The company has a market capitalization of $31.15 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 1.21 and a beta of 1.48. The company's 50-day simple moving average is $104.11 and its two-hundred day simple moving average is $96.17. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. 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 quarterly earnings data 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. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.15 EPS. Equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 3.1%. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is 34.04%.

State Street 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.