Neville Rodie & Shaw Inc. Sells 5,600 Shares of State Street Corporation $STT

Key Points

• Neville Rodie & Shaw Inc. sold 5,600 shares of State Street Corporation during the second quarter, reducing its holdings by 29.3% to 13,510 shares valued at approximately $1.44 million.
• State Street recently increased its quarterly dividend from $0.76 to $0.84 per share, representing a 3.0% dividend yield with an ex-dividend date on October 1st.
• Analysts have a consensus rating of "Moderate Buy" for State Street, with an average price target of $114.18, reflecting positive growth expectations.

Neville Rodie & Shaw Inc. trimmed its holdings in State Street Corporation (NYSE:STT - Free Report) by 29.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,510 shares of the asset manager's stock after selling 5,600 shares during the quarter. Neville Rodie & Shaw Inc.'s holdings in State Street were worth $1,437,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in STT. Central Pacific Bank Trust Division raised its holdings in State Street by 1.4% during the 2nd quarter. Central Pacific Bank Trust Division now owns 21,600 shares of the asset manager's stock worth $2,297,000 after purchasing an additional 300 shares during the last quarter. Harbor Investment Advisory LLC raised its holdings in State Street by 4.6% during the 2nd quarter. Harbor Investment Advisory LLC now owns 5,821 shares of the asset manager's stock worth $619,000 after purchasing an additional 255 shares during the last quarter. AG2R LA Mondiale Gestion D Actifs bought a new stake in State Street during the 1st quarter worth about $1,174,000. Voya Investment Management LLC raised its holdings in State Street by 2.5% during the 1st quarter. Voya Investment Management LLC now owns 132,133 shares of the asset manager's stock worth $11,830,000 after purchasing an additional 3,195 shares during the last quarter. Finally, First Hawaiian Bank raised its holdings in State Street by 1.9% during the 1st quarter. First Hawaiian Bank now owns 20,592 shares of the asset manager's stock worth $1,844,000 after purchasing an additional 391 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

State Street Price Performance

State Street stock opened at $112.40 on Friday. The firm has a market capitalization of $31.89 billion, a P/E ratio of 12.59, a PEG ratio of 1.10 and a beta of 1.50. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $116.37. The business has a 50-day moving average of $111.35 and a 200-day moving average of $98.98. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company's revenue for the quarter 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. On average, equities analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders 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 dividend yield of 3.0%. The ex-dividend date is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is presently 37.63%.

Insider Activity

In related 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 transaction, the executive vice president directly 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 hyperlink. Corporate insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

STT has been the subject of several recent research reports. Evercore ISI boosted their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Truist Financial boosted their price objective on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, August 14th. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Bank of America boosted their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Finally, Morgan Stanley boosted their price objective on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, State Street has a consensus rating of "Moderate Buy" and a consensus price target of $114.18.

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.

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