Shell Asset Management Co. Grows Position in State Street Corporation $STT

Shell Asset Management Co. increased its position in shares of State Street Corporation (NYSE:STT - Free Report) by 49.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 25,229 shares of the asset manager's stock after buying an additional 8,305 shares during the period. Shell Asset Management Co.'s holdings in State Street were worth $2,683,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Invesco Ltd. increased its stake in State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after purchasing an additional 674,120 shares during the last quarter. Northern Trust Corp increased its stake in State Street by 2.8% in the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock valued at $381,770,000 after purchasing an additional 115,751 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in State Street by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock valued at $274,732,000 after purchasing an additional 14,011 shares during the last quarter. Eastern Bank increased its stake in State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after purchasing an additional 2,947,153 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in State Street by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager's stock valued at $242,932,000 after purchasing an additional 49,353 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on STT. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Truist Financial increased their price objective on State Street from $125.00 to $133.00 and gave the company a "buy" rating in a report on Thursday, October 2nd. BMO Capital Markets began coverage on State Street in a report on Friday, October 3rd. They issued an "outperform" rating and a $130.00 price objective for the company. Wells Fargo & Company increased their price objective on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Citigroup raised State Street from a "neutral" rating to a "buy" rating and increased their price objective for the company from $115.00 to $130.00 in a report on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, State Street has an average rating of "Moderate Buy" and a consensus price target of $122.83.

State Street Price Performance

Shares of NYSE STT opened at $116.93 on Wednesday. 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 stock has a fifty day moving average price of $113.00 and a 200 day moving average price of $101.82. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $118.06. The company has a market cap of $33.17 billion, a PE ratio of 13.09, a P/E/G ratio of 1.14 and a beta of 1.46.

State Street (NYSE:STT - Get Free Report) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $3.33 billion. During the same period last year, the company earned $2.15 earnings per share. The company's revenue for the quarter was up 2.9% on a year-over-year basis. Sell-side analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 2.9%. State Street's dividend payout ratio (DPR) is currently 37.63%.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction 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 in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.29% of the company's stock.

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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