National Bank of Canada FI Buys 80,526 Shares of State Street Corporation (NYSE:STT)

Key Points

• National Bank of Canada FI increased its holdings in State Street Corporation by 58.6%, acquiring an additional 80,526 shares during the first quarter, now owning approximately $19.51 million worth of the company's stock.
• State Street's recent quarterly earnings exceeded expectations, with an EPS of $2.53 versus the consensus estimate of $2.36, and a revenue increase of 2.9% compared to the previous year.
• The company announced a quarterly dividend increase to $0.84 per share, reflecting a 10.53% rise from its previous dividend, with a yield of 3.0%.

National Bank of Canada FI increased its position in State Street Corporation (NYSE:STT - Free Report) by 58.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 217,961 shares of the asset manager's stock after acquiring an additional 80,526 shares during the period. National Bank of Canada FI owned approximately 0.08% of State Street worth $19,514,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STT. Eastern Bank lifted its stake in State Street by 6,967.4% in the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after buying an additional 2,947,153 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of State Street by 236.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after buying an additional 1,622,408 shares during the period. Azora Capital LP purchased a new position in shares of State Street in the 4th quarter worth $80,294,000. Northern Trust Corp raised its position in State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock valued at $407,166,000 after purchasing an additional 563,790 shares during the period. Finally, Miller Howard Investments Inc. NY purchased a new position in State Street in the first quarter valued at about $42,504,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were 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 approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on STT shares. Wells Fargo & Company raised their target price on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Barclays decreased their price target on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Bank of America lifted their target price on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. 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 company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $112.00.

State Street Price Performance

Shares of NYSE:STT traded up $1.49 during midday trading on Tuesday, reaching $111.32. 2,380,011 shares of the company's stock were exchanged, compared to its average volume of 2,190,725. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The company's 50 day simple moving average is $106.03 and its two-hundred day simple moving average is $96.79. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $114.28. The firm has a market capitalization of $31.58 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 1.21 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data 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. 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%. The company's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.15 earnings per share. Equities 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 announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is presently 34.04%.

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.