State Street Corporation (NYSE:STT) Shares Sold by Mizuho Securities USA LLC

Key Points

• Mizuho Securities USA LLC has reduced its stake in State Street Corporation by 16.9%, now holding 23,098 shares valued at approximately $2.07 million.
• State Street recently increased its quarterly dividend to $0.84 per share, up from the previous $0.76, reflecting a positive annual dividend yield of 3.1%.
• The company reported $2.53 earnings per share for the last quarter, surpassing analysts' expectations of $2.36, with a revenue of $3.47 billion.

Mizuho Securities USA LLC cut its holdings in State Street Corporation (NYSE:STT - Free Report) by 16.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,098 shares of the asset manager's stock after selling 4,686 shares during the period. Mizuho Securities USA LLC's holdings in State Street were worth $2,068,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Brighton Jones LLC purchased a new position in shares of State Street during the 4th quarter worth about $296,000. Rockefeller Capital Management L.P. boosted its stake in shares of State Street by 5.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 26,052 shares of the asset manager's stock worth $2,552,000 after purchasing an additional 1,421 shares during the period. Canada Post Corp Registered Pension Plan purchased a new position in shares of State Street during the 4th quarter worth about $578,000. Ontario Teachers Pension Plan Board boosted its position in State Street by 27.4% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 10,149 shares of the asset manager's stock valued at $996,000 after buying an additional 2,182 shares during the period. Finally, Bridgewater Associates LP boosted its position in State Street by 202.6% in the 4th quarter. Bridgewater Associates LP now owns 600,433 shares of the asset manager's stock valued at $58,932,000 after buying an additional 402,027 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Morgan Stanley upped their price target on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Keefe, Bruyette & Woods lowered their price target on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Barclays lowered their price target on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Finally, Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research 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 given a buy rating to the company's stock. Based on data from MarketBeat, State Street presently has an average rating of "Hold" and a consensus price target of $112.82.

Insider Transactions at State Street

In other news, 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 value of $108,197.10. Following 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 transaction was disclosed in a filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by insiders.

State Street Stock Performance

State Street stock traded up $2.07 during mid-day trading on Thursday, reaching $113.57. 1,429,951 shares of the company traded hands, compared to its average volume of 2,094,757. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $114.28. The company has a market capitalization of $32.22 billion, a price-to-earnings ratio of 12.72, a price-to-earnings-growth ratio of 1.23 and a beta of 1.48. The firm's fifty day moving average is $106.34 and its two-hundred day moving average is $96.89.

State Street (NYSE:STT - Get Free Report) last released 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 for 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.15 earnings per share. On average, equities research analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.0%. State Street's payout ratio is 34.04%.

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.