Russell Investments Group Ltd. Grows Stock Position in State Street Corporation (NYSE:STT)

Key Points

• Russell Investments Group Ltd. increased its stake in State Street Corporation by 6.2%, owning approximately 418,408 shares worth $37.4 million after acquiring 24,387 additional shares in the first quarter.
• State Street recently announced a dividend increase from $0.76 to $0.84 per share, with an annualized yield of 3.0% and a dividend payout ratio of 34.04%.
• The company's recent earnings report revealed an EPS of $2.53, beating estimates, alongside a revenue of $3.47 billion, up 2.9% year-over-year.

Russell Investments Group Ltd. increased its stake in State Street Corporation (NYSE:STT - Free Report) by 6.2% during the first quarter, according to its most recent filing with the SEC. The fund owned 418,408 shares of the asset manager's stock after buying an additional 24,387 shares during the quarter. Russell Investments Group Ltd. owned 0.15% of State Street worth $37,448,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Prudential PLC boosted its holdings in shares of State Street by 1,045.2% in the 1st quarter. Prudential PLC now owns 63,762 shares of the asset manager's stock worth $5,709,000 after buying an additional 58,194 shares during the last quarter. Resona Asset Management Co. Ltd. boosted its holdings in shares of State Street by 5.5% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 93,106 shares of the asset manager's stock worth $8,329,000 after buying an additional 4,862 shares during the last quarter. Callan Family Office LLC boosted its holdings in shares of State Street by 144.0% in the 1st quarter. Callan Family Office LLC now owns 27,406 shares of the asset manager's stock worth $2,454,000 after buying an additional 16,172 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of State Street by 1.4% in the 1st quarter. Public Sector Pension Investment Board now owns 77,146 shares of the asset manager's stock worth $6,907,000 after buying an additional 1,072 shares during the last quarter. Finally, AIA Group Ltd boosted its holdings in shares of State Street by 13.1% in the 1st quarter. AIA Group Ltd now owns 22,558 shares of the asset manager's stock worth $2,020,000 after buying an additional 2,610 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on STT shares. Truist Financial boosted their price target on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday. The Goldman Sachs Group boosted their price target on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company upped their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Evercore ISI lifted their price objective on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Bank of America boosted their target price on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. One equities 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 company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $112.82.

Insider Activity

In related news, EVP Michael L. Richards sold 990 shares of the business'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 transaction of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company's stock.

State Street Stock Performance

Shares of State Street stock traded down $2.51 during trading hours on Friday, reaching $111.09. 1,291,661 shares of the stock traded hands, compared to its average volume of 1,808,919. The company has a 50 day moving average price of $106.93 and a 200 day moving average price of $97.03. The firm has a market capitalization of $31.52 billion, a price-to-earnings ratio of 12.44, a P/E/G ratio of 1.22 and a beta of 1.48. State Street Corporation has a one year low of $72.81 and a one year high of $114.28. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The business had revenue of $3.47 billion during 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 business's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.15 EPS. On average, 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 business also recently disclosed 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. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. State Street's dividend payout ratio is presently 34.04%.

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.