Robeco Institutional Asset Management B.V. Trims Stake in State Street Corporation $STT

Key Points

• Robeco Institutional Asset Management B.V. has decreased its stake in State Street Corporation by 20.4%, now holding approximately 0.25% of the company valued at about $75.9 million.
• State Street has recently declared an increase in its quarterly dividend, now set at $0.84 per share, reflecting a 2.9% yield, up from its previous dividend of $0.76.
• Analysts have shown positive sentiment towards State Street, with several upgrades and a consensus price target of $122.00, indicating a general outlook of moderate buy for the stock.

Robeco Institutional Asset Management B.V. reduced its position in shares of State Street Corporation (NYSE:STT - Free Report) by 20.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 713,700 shares of the asset manager's stock after selling 183,316 shares during the quarter. Robeco Institutional Asset Management B.V. owned about 0.25% of State Street worth $75,895,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. McAdam LLC increased its holdings in State Street by 1.7% during the 2nd quarter. McAdam LLC now owns 6,650 shares of the asset manager's stock worth $707,000 after purchasing an additional 111 shares during the period. Meeder Advisory Services Inc. increased its holdings in State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after purchasing an additional 114 shares during the period. Sequoia Financial Advisors LLC increased its holdings in State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock worth $395,000 after purchasing an additional 118 shares during the period. Larson Financial Group LLC increased its holdings 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 period. Finally, Smartleaf Asset Management LLC increased its holdings in shares of State Street by 5.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock valued at $201,000 after acquiring an additional 126 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of State Street 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 completion of the sale, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.29% of the company's stock.

State Street Stock Up 1.6%

Shares of STT stock opened at $115.21 on Friday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $118.06. The stock's fifty day moving average price is $112.77 and its 200 day moving average price is $101.18. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The company has a market cap of $32.69 billion, a price-to-earnings ratio of 12.90, a price-to-earnings-growth ratio of 1.10 and a beta of 1.46.

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, 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 for the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the previous year, the business earned $2.15 EPS. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. On average, research analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is presently 37.63%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on STT shares. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Evercore ISI lifted their price target on State Street from $117.00 to $128.00 and gave the company an "outperform" rating in a report on Tuesday. Morgan Stanley reiterated an "overweight" rating and issued a $162.00 price target on shares of State Street in a report on Monday. Truist Financial lifted their price target on State Street from $125.00 to $133.00 and gave the company a "buy" rating in a report on Thursday. Finally, Citigroup upgraded State Street from a "neutral" rating to a "buy" rating and lifted their price target for the company from $115.00 to $130.00 in a report on Friday, September 5th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $122.00.

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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