Plato Investment Management Ltd Cuts Stock Position in State Street Corporation $STT

Key Points

• Plato Investment Management Ltd reduced its position in State Street Corporation by 22.2%, selling 6,761 shares and leaving it with 23,719 shares valued at approximately $2.15 million.
• Several hedge funds have increased their stakes in State Street, including Capital Analysts LLC, which raised its stake by 3,914.3%, now owning 281 shares valued at $25,000.
• State Street has announced an increase in its quarterly dividend from $0.76 to $0.84, reflecting a 3.0% dividend yield for shareholders of record as of October 1st.

Plato Investment Management Ltd reduced its position in State Street Corporation (NYSE:STT - Free Report) by 22.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,719 shares of the asset manager's stock after selling 6,761 shares during the quarter. Plato Investment Management Ltd's holdings in State Street were worth $2,147,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Pacific Financial purchased a new position in shares of State Street in the 1st quarter worth about $25,000. Capital Analysts LLC lifted its stake in shares of 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 acquiring an additional 274 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of 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 acquiring an additional 118 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in shares of 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 acquiring an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. lifted its stake in shares of 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 acquiring an additional 251 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the 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 owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.29% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on STT. Morgan Stanley boosted their target price on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Truist Financial boosted their target price on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, August 14th. Citigroup raised State Street from a "neutral" rating to a "buy" rating and boosted their target price for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Bank of America upped their price target on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Finally, Evercore ISI upped their price target on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $114.18.

State Street Stock Down 1.2%

Shares of NYSE:STT opened at $110.71 on Thursday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37. The firm has a market capitalization of $31.41 billion, a P/E ratio of 12.40, a P/E/G ratio of 1.10 and a beta of 1.50. The stock has a 50 day moving average price of $111.25 and a 200-day moving average price of $98.78. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

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 (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the prior year, the company earned $2.15 EPS. The business's revenue was up 2.9% compared to the same quarter last year. As a group, equities research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company 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 $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is currently 34.04%.

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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