National Pension Service Has $44.03 Million Holdings in State Street Corporation (NYSE:STT)

Key Points

• The National Pension Service has increased its stake in State Street Corporation (NYSE:STT) by 2.6%, now owning approximately 491,754 shares valued at $44 million.
• State Street reported record earnings with an EPS of $2.53, surpassing analysts' expectations, and a revenue of $3.47 billion for the last quarter.
• The company has announced a quarterly dividend increase to $0.84 per share, with an ex-dividend date of October 1st, providing a 3% yield to shareholders.

National Pension Service increased its position in shares of State Street Corporation (NYSE:STT - Free Report) by 2.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 491,754 shares of the asset manager's stock after acquiring an additional 12,325 shares during the quarter. National Pension Service owned approximately 0.17% of State Street worth $44,027,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of STT. Meeder Advisory Services Inc. raised its stake in State Street by 2.0% during the first 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 raised its stake in State Street by 2.7% during the first 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 raised its stake in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after purchasing an additional 118 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in State Street by 13.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after purchasing an additional 134 shares during the period. Finally, Ironwood Investment Counsel LLC raised its stake in State Street by 2.6% during the first quarter. Ironwood Investment Counsel LLC now owns 5,921 shares of the asset manager's stock worth $530,000 after purchasing an additional 149 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on STT. Citigroup raised their target price on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Bank of America raised their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Evercore ISI raised their price objective on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company raised their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $112.82.

State Street Price Performance

Shares of NYSE:STT traded down $2.51 during trading on Friday, reaching $111.09. The company had a trading volume of 1,291,661 shares, compared to its average volume of 1,808,919. The firm's fifty day moving average is $106.93 and its 200 day moving average is $97.03. The firm has a market capitalization of $31.52 billion, a PE ratio of 12.44, a price-to-earnings-growth ratio of 1.22 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 issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same period in the prior year, the business posted $2.15 EPS. The business's revenue for the quarter was up 2.9% compared to the same quarter last year. On average, equities analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is currently 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.