Rafferty Asset Management LLC Sells 8,845 Shares of State Street Corporation $STT

Key Points

• Rafferty Asset Management LLC decreased its stake in State Street Corporation by 8.6% during the first quarter, now holding 94,572 shares valued at approximately $8.47 million.
• State Street recently announced an increase in its quarterly dividend to $0.84 per share, reflecting an annualized yield of 2.9% and a payout ratio of 34.04%.
• The asset manager reported a positive earnings surprise with EPS of $2.53 for the last quarter, exceeding analyst estimates by $0.17, alongside a revenue increase of 2.9% compared to the previous year.

Rafferty Asset Management LLC trimmed its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 94,572 shares of the asset manager's stock after selling 8,845 shares during the period. Rafferty Asset Management LLC's holdings in State Street were worth $8,467,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in STT. Brighton Jones LLC purchased a new stake in State Street during the 4th quarter valued at $296,000. MML Investors Services LLC boosted its stake in shares of State Street by 5.9% in the 4th quarter. MML Investors Services LLC now owns 11,895 shares of the asset manager's stock worth $1,168,000 after buying an additional 659 shares during the last quarter. MGO One Seven LLC purchased a new position in shares of State Street in the 4th quarter worth $247,000. Integrated Wealth Concepts LLC boosted its stake in shares of State Street by 6.9% in the 4th quarter. Integrated Wealth Concepts LLC now owns 7,539 shares of the asset manager's stock worth $740,000 after buying an additional 488 shares during the last quarter. Finally, Coldstream Capital Management Inc. boosted its stake in shares of State Street by 8.2% in the 4th quarter. Coldstream Capital Management Inc. now owns 4,883 shares of the asset manager's stock worth $479,000 after buying an additional 369 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Stock Performance

NYSE STT traded down $0.22 on Friday, hitting $115.02. 995,204 shares of the company traded hands, compared to its average volume of 1,573,020. The company has a market capitalization of $32.63 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 1.13 and a beta of 1.48. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The business's 50 day moving average price is $110.06 and its 200-day moving average price is $98.03. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37.

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

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's payout ratio is 34.04%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on STT. Citigroup raised their price target on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Evercore ISI raised their price target on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. The Goldman Sachs Group raised their price target on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company raised their price target on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Truist Financial raised their price target on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, August 14th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.82.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the firm'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 sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

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.