Mn Services Vermogensbeheer B.V. Reduces Stock Holdings in State Street Corporation $STT

Key Points

• Mn Services Vermogensbeheer B.V. reduced its stake in State Street Corporation by 3.3%, selling 3,700 shares during the 2nd quarter, bringing its total ownership to 107,919 shares valued at approximately $11.48 million.
• State Street reported earnings per share of $2.53 for its most recent quarter, surpassing analysts' expectations of $2.36, alongside a revenue increase of 2.9% year-over-year.
• The company announced a quarterly dividend of $0.84, an increase from the previous $0.76, with a dividend yield of 3.0% based on an annualized rate of $3.36.

Mn Services Vermogensbeheer B.V. trimmed its holdings in State Street Corporation (NYSE:STT - Free Report) by 3.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 107,919 shares of the asset manager's stock after selling 3,700 shares during the period. Mn Services Vermogensbeheer B.V.'s holdings in State Street were worth $11,476,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Meeder Advisory Services Inc. grew its position in shares of State Street by 2.0% in the first quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock valued at $515,000 after purchasing an additional 114 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after buying an additional 118 shares in the last quarter. Larson Financial Group LLC lifted its stake in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in State Street by 5.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock valued at $201,000 after buying an additional 126 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its position in State Street by 13.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after buying an additional 134 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Ratings Changes

STT has been the subject of a number of recent research reports. Bank of America lifted their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Morgan Stanley raised their price target on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Wells Fargo & Company boosted their price objective on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group upped their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, Evercore ISI lifted their target price on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.18.

State Street Trading Up 0.5%

STT stock traded up $0.60 on Tuesday, hitting $113.92. 210,982 shares of the company were exchanged, compared to its average volume of 2,032,396. 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 market capitalization of $32.32 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 1.11 and a beta of 1.50. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $116.37. The business's fifty day moving average is $111.66 and its two-hundred day moving average is $99.80.

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, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to analysts' expectations 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 period in the previous year, the company earned $2.15 EPS. As a group, research analysts forecast that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. State Street's dividend payout ratio (DPR) is 34.04%.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the business'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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.29% of the stock is owned by corporate insiders.

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.