MUFG Securities EMEA plc Cuts Stock Position in State Street Corporation (NYSE:STT)

Key Points

• MUFG Securities EMEA plc decreased its holdings in State Street Corporation by 20.9%, selling 23,400 shares and ending with a total of 88,600 shares valued at approximately $7.93 million.
• Analysts have set varied price targets for State Street, with Evercore ISI raising its target from $102 to $115, while the average target remains at $112, indicating mixed outlooks among Wall Street experts.
• State Street announced an increase in its quarterly dividend to $0.84 per share, up from $0.76, reflecting a 3.0% yield and a payout ratio of 34.04%.

MUFG Securities EMEA plc decreased its position in shares of State Street Corporation (NYSE:STT - Free Report) by 20.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 88,600 shares of the asset manager's stock after selling 23,400 shares during the period. MUFG Securities EMEA plc's holdings in State Street were worth $7,932,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Eastern Bank increased its holdings in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock worth $267,646,000 after buying an additional 2,947,153 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of State Street by 236.3% in the fourth 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. Azora Capital LP purchased a new position in shares of State Street in the fourth quarter worth about $80,294,000. Northern Trust Corp grew its stake in shares of State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after purchasing an additional 563,790 shares during the last quarter. Finally, Miller Howard Investments Inc. NY bought a new stake in shares of State Street in the first quarter worth about $42,504,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Stock Performance

STT traded up $1.49 during mid-day trading on Tuesday, reaching $111.32. 2,380,011 shares of the company traded hands, compared to its average volume of 2,098,259. The stock has a market capitalization of $31.58 billion, a P/E ratio of 12.47, a P/E/G ratio of 1.23 and a beta of 1.48. 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 company's fifty day moving average price is $105.74 and its 200-day moving average price is $96.69. 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 earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The business 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 company's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.15 EPS. On average, sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid 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 annualized dividend and a dividend yield of 3.0%. State Street's dividend payout ratio (DPR) is currently 34.04%.

Analysts Set New Price Targets

STT has been the topic of several recent analyst reports. Barclays cut their target price on State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Evercore ISI lifted their price objective on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Bank of America lifted their price objective on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group lifted their price objective on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Finally, Citigroup boosted their price target on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $112.00.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company's 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 completion of the sale, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.29% of the stock is owned by company 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.