Northside Capital Management LLC Acquires Shares of 5,527 State Street Corporation $STT

Key Points

• Northside Capital Management LLC has acquired a new stake of 5,527 shares in State Street Corporation, valued at approximately $588,000, during the 2nd quarter.
• State Street recently increased its quarterly dividend to $0.84 per share, resulting in an annualized dividend yield of 3.0% and up from the previous $0.76.
• State Street's stock currently has a Moderate Buy rating, with analysts predicting an average target price of $114.18.

Northside Capital Management LLC acquired a new stake in State Street Corporation (NYSE:STT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 5,527 shares of the asset manager's stock, valued at approximately $588,000.

Several other institutional investors have also recently bought and sold shares of STT. First Pacific Financial bought a new position in State Street in the 1st quarter valued at $25,000. Capital Analysts LLC raised its position in State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC raised its position 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 purchasing an additional 118 shares during the last quarter. Golden State Wealth Management LLC raised its position in State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after purchasing an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. raised its position in State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after purchasing an additional 251 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on 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 directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is currently owned by company insiders.

State Street Stock Down 0.3%

Shares of State Street stock opened at $112.95 on Wednesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $116.37. The business has a fifty day simple moving average of $111.88 and a 200 day simple moving average of $99.89. The stock has a market cap of $32.05 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.11 and a beta of 1.50.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. During the same period in the previous year, the firm earned $2.15 earnings per share. The firm's quarterly revenue was up 2.9% compared to the same quarter last year. Research analysts predict 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. Investors of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's payout ratio is presently 34.04%.

Analyst Ratings Changes

Several brokerages have issued reports on STT. Morgan Stanley lifted their price objective on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Truist Financial boosted their target price on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, August 14th. Bank of America boosted their target price on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. The Goldman Sachs Group boosted their target price on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, Evercore ISI boosted their target price on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $114.18.

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.

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