Mawer Investment Management Ltd. Has $46.25 Million Holdings in State Street Corporation (NYSE:STT)

Key Points

• Mawer Investment Management Ltd. reduced its stake in State Street Corporation by 30.7% in Q1, now holding approximately 516,537 shares valued at $46.2 million.
• State Street increased its quarterly dividend from $0.76 to $0.84, representing an annual yield of 2.99%.
• Analysts have set varying price targets for State Street, with Bank of America raising its target to $109.00 while Goldman Sachs increased theirs to $111.00, reflecting a mixed outlook on the stock.

Mawer Investment Management Ltd. decreased its position in shares of State Street Corporation (NYSE:STT - Free Report) by 30.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 516,537 shares of the asset manager's stock after selling 228,742 shares during the quarter. Mawer Investment Management Ltd. owned approximately 0.18% of State Street worth $46,246,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in State Street during the 4th quarter worth about $161,021,000. Price T Rowe Associates Inc. MD grew its position in shares of State Street by 236.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after buying an additional 1,622,408 shares during the period. FMR LLC raised its stake in shares of State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after buying an additional 870,849 shares during the last quarter. Azora Capital LP acquired a new position in State Street in the fourth quarter valued at approximately $80,294,000. Finally, Northern Trust Corp boosted its stake in State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after acquiring an additional 563,790 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Up 0.8%

Shares of NYSE:STT traded up $0.87 during midday trading on Tuesday, reaching $113.32. The company had a trading volume of 1,443,744 shares, compared to its average volume of 2,344,936. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $113.72. The stock has a market cap of $32.32 billion, a PE ratio of 12.69, a P/E/G ratio of 1.25 and a beta of 1.45. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The business's 50 day moving average price is $103.20 and its 200 day moving average price is $95.90.

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. The company had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%. The business's revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.15 EPS. Research analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.97%. This is a boost 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 presently 34.04%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Wells Fargo & Company raised their price target on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods reduced their target price on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Barclays lowered their price target on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. The Goldman Sachs Group lifted their price objective on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, State Street has a consensus rating of "Hold" and an average price target of $112.00.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction 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 sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 completion of the transaction, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.29% of the company's stock.

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.