J. Safra Sarasin Holding AG Grows Holdings in State Street Corporation (NYSE:STT)

Key Points

• J. Safra Sarasin Holding AG increased its stake in State Street Corporation by 55.9%, owning 26,104 shares valued at approximately $2.34 million as of the most recent quarter.
• State Street announced a quarterly dividend increase to $0.84 per share from the previous $0.76, reflecting a 3.1% yield for shareholders.
• Various hedge funds have significantly adjusted their positions in State Street, with institutional investors now holding over 87% of the company's stock.

J. Safra Sarasin Holding AG raised its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 55.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,104 shares of the asset manager's stock after acquiring an additional 9,363 shares during the period. J. Safra Sarasin Holding AG's holdings in State Street were worth $2,337,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in shares of State Street by 1.6% in the first quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock valued at $30,387,000 after purchasing an additional 5,242 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of State Street by 127.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after purchasing an additional 17,201 shares during the period. Index Fund Advisors Inc. purchased a new position in shares of State Street in the first quarter valued at approximately $505,000. Bank of New York Mellon Corp boosted its stake in shares of State Street by 6.0% in the first quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock valued at $195,764,000 after purchasing an additional 123,259 shares during the period. Finally, Pacific Heights Asset Management LLC boosted its stake in shares of State Street by 9.1% in the first quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager's stock valued at $5,372,000 after purchasing an additional 5,000 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Truist Financial lowered their price objective on shares of State Street from $122.00 to $116.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Morgan Stanley lifted their price target on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Bank of America lifted their price target on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Finally, Evercore ISI boosted their price objective on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $112.00.

State Street Trading Down 0.2%

STT traded down $0.26 on Tuesday, reaching $109.52. 290,536 shares of the company's stock were exchanged, compared to its average volume of 2,112,762. The company's 50 day moving average is $104.38 and its 200-day moving average is $96.26. The company has a market cap of $31.07 billion, a price-to-earnings ratio of 12.26, a PEG ratio of 1.21 and a beta of 1.48. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $114.28. 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 posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company's revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.15 EPS. Equities analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The business 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 $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is currently 34.04%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the company's 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 in the company, valued at $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 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.