Dimensional Fund Advisors LP Has $274.73 Million Stock Holdings in State Street Corporation $STT

Key Points

• Dimensional Fund Advisors LP increased its stake in State Street Corporation by 0.5% in Q1, owning over 3 million shares valued at approximately $274.7 million.
• State Street announced a quarterly dividend increase to $0.84 per share, set to be paid on October 14th, reflecting a yield of 3.0%.
• Analysts have varied ratings on State Street, with seven issuing a buy rating, and an average price target of $112.82 following positive earnings results.

Dimensional Fund Advisors LP grew its holdings in State Street Corporation (NYSE:STT - Free Report) by 0.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,068,867 shares of the asset manager's stock after acquiring an additional 14,011 shares during the quarter. Dimensional Fund Advisors LP owned 1.08% of State Street worth $274,732,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STT. Brighton Jones LLC bought a new position in State Street in the fourth quarter worth $296,000. Rockefeller Capital Management L.P. lifted its holdings in shares of State Street by 5.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 26,052 shares of the asset manager's stock valued at $2,552,000 after acquiring an additional 1,421 shares during the period. Marshall Wace LLP lifted its holdings in shares of State Street by 143.7% during the fourth quarter. Marshall Wace LLP now owns 319,307 shares of the asset manager's stock valued at $31,340,000 after acquiring an additional 188,286 shares during the period. Canada Pension Plan Investment Board lifted its holdings in shares of State Street by 31.1% during the fourth quarter. Canada Pension Plan Investment Board now owns 449,595 shares of the asset manager's stock valued at $44,128,000 after acquiring an additional 106,565 shares during the period. Finally, Forum Financial Management LP lifted its holdings in shares of State Street by 5.5% during the fourth quarter. Forum Financial Management LP now owns 4,483 shares of the asset manager's stock valued at $440,000 after acquiring an additional 232 shares during the period. 87.44% of the stock is owned by institutional investors.

State Street Stock Up 2.4%

Shares of State Street stock traded up $2.7350 on Friday, reaching $115.0950. 849,768 shares of the company were exchanged, compared to its average volume of 2,064,874. State Street Corporation has a one year low of $72.81 and a one year high of $115.15. The company has a market capitalization of $32.65 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 1.10 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 company has a 50-day moving average of $108.00 and a 200 day moving average of $97.36.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating 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 for the quarter, compared to analysts' expectations of $3.33 billion. During the same quarter in the prior 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, equities research analysts forecast 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. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. State Street's dividend payout ratio (DPR) is currently 34.04%.

Insiders Place Their Bets

In related 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 sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on STT shares. Bank of America lifted their price objective on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. Morgan Stanley boosted their target price on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Citigroup boosted their target price on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Finally, 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. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $112.82.

State Street Company 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.