State Street Corporation (NYSE:STT) Shares Sold by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group Inc. RI reduced its stake in State Street Corporation by 46.8%, resulting in ownership of 5,861 shares valued at $525,000.
• State Street recently increased its quarterly dividend from $0.76 to $0.84 per share, indicating a strong financial position with a dividend yield of 3.0%.
• The company reported earnings per share (EPS) of $2.53 for the last quarter, exceeding analysts' expectations and showing a revenue increase of 2.9% year-over-year.

Citizens Financial Group Inc. RI lessened its position in shares of State Street Corporation (NYSE:STT - Free Report) by 46.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,861 shares of the asset manager's stock after selling 5,149 shares during the period. Citizens Financial Group Inc. RI's holdings in State Street were worth $525,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. First Pacific Financial purchased a new stake in shares of State Street during the 1st quarter valued at approximately $25,000. Larson Financial Group LLC grew its holdings in State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares in the last quarter. Coppell Advisory Solutions LLC grew its holdings in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after buying an additional 412 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after buying an additional 310 shares in the last quarter. Finally, MV Capital Management Inc. grew its holdings in State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after buying an additional 251 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on STT shares. Wells Fargo & Company upped their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Bank of America raised their price target on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. The Goldman Sachs Group raised their price objective on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods lowered their price objective on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Finally, Evercore ISI raised their price target on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $112.00.

Insiders Place Their Bets

In other news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction dated 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 $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 is available through the SEC website. Insiders own 0.29% of the company's stock.

State Street Stock Up 1.4%

NYSE STT traded up $1.49 on Tuesday, reaching $111.32. 2,201,367 shares of the stock traded hands, compared to its average volume of 2,098,208. 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 has a fifty day moving average price of $105.74 and a 200-day moving average price of $96.69. The company has a market cap of $31.58 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 1.23 and a beta of 1.48. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $114.28.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%. The business's revenue for the quarter 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. As a group, research analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is presently 34.04%.

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.