Banco Bilbao Vizcaya Argentaria S.A. Raises Stock Holdings in State Street Corporation $STT

Key Points

• Banco Bilbao Vizcaya Argentaria S.A. increased its stake in State Street Corporation by 3.0%, owning 111,898 shares valued at approximately $10 million.
• State Street's latest earnings report showed earnings per share (EPS) of $2.53, exceeding expectations, with revenue of $3.47 billion up 2.9% year-over-year.
• The company announced a quarterly dividend of $0.84 per share, reflecting an increase from the previous $0.76 and representing a 3.0% dividend yield.

Banco Bilbao Vizcaya Argentaria S.A. grew its position in shares of State Street Corporation (NYSE:STT - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,898 shares of the asset manager's stock after purchasing an additional 3,281 shares during the quarter. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in State Street were worth $10,019,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in STT. Eastern Bank increased its holdings in shares of State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after purchasing an additional 2,947,153 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of State Street by 236.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock valued at $226,642,000 after purchasing an additional 1,622,408 shares in the last quarter. Nuveen LLC purchased a new position in shares of State Street during the 1st quarter valued at approximately $93,016,000. Azora Capital LP purchased a new position in shares of State Street during the 4th quarter valued at approximately $80,294,000. Finally, Invesco Ltd. grew its stake in State Street by 9.0% in the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after acquiring an additional 674,120 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

STT traded up $3.0010 on Friday, hitting $115.3610. 2,144,667 shares of the company's stock were exchanged, compared to its average volume of 1,591,367. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $115.65. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a 50-day moving average price of $108.38 and a 200-day moving average price of $97.47. The stock has a market cap of $32.73 billion, a price-to-earnings ratio of 12.92, a P/E/G ratio of 1.10 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm's quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.15 EPS. As a group, equities analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is presently 37.63%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on STT shares. Bank of America lifted their price target on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Truist Financial lifted their price target on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, August 14th. The Goldman Sachs Group lifted their price target on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Citigroup lifted their price target 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. Finally, Morgan Stanley lifted their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, State Street presently has an average rating of "Moderate Buy" and an average price target of $112.82.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the business'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 transaction, the executive vice president owned 41,332 shares of the company's stock, 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. Insiders own 0.29% of the company's stock.

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.