State Street Corporation $STT is Metropolis Capital Ltd's Largest Position

Key Points

• Metropolis Capital Ltd has reduced its shares in State Street Corporation to 3,992,311, which constitutes approximately 13.5% of its portfolio, making State Street its largest holding.
• State Street recently increased its quarterly dividend to $0.84 per share, up from $0.76, representing an annualized dividend of $3.36 with a yield of 3.0%.
• State Street's recent earnings report showed an EPS of $2.53, surpassing expectations, with a year-over-year revenue increase of 2.9% to $3.47 billion.

Metropolis Capital Ltd reduced its position in shares of State Street Corporation (NYSE:STT - Free Report) by 1.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,992,311 shares of the asset manager's stock after selling 39,681 shares during the period. State Street makes up approximately 13.5% of Metropolis Capital Ltd's portfolio, making the stock its largest position. Metropolis Capital Ltd owned about 1.40% of State Street worth $424,542,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC acquired a new stake in State Street in the fourth quarter valued at approximately $296,000. Wealth Enhancement Advisory Services LLC raised its stake in State Street by 14.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 33,006 shares of the asset manager's stock valued at $3,240,000 after purchasing an additional 4,220 shares during the period. GAMMA Investing LLC raised its stake in shares of State Street by 10,172.7% during the 1st quarter. GAMMA Investing LLC now owns 328,933 shares of the asset manager's stock worth $29,449,000 after purchasing an additional 325,731 shares in the last quarter. Rhumbline Advisers boosted its position in State Street by 3.7% during the first quarter. Rhumbline Advisers now owns 563,846 shares of the asset manager's stock worth $50,481,000 after purchasing an additional 20,212 shares during the period. Finally, Merit Financial Group LLC boosted its position in shares of State Street by 45.3% in the first quarter. Merit Financial Group LLC now owns 5,846 shares of the asset manager's stock valued at $523,000 after acquiring an additional 1,822 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. TD Cowen assumed coverage on State Street in a report on Thursday, September 25th. They set a "buy" rating on the stock. Bank of America upped their target price on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Truist Financial raised 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, August 14th. Morgan Stanley restated an "overweight" rating and set a $162.00 price objective on shares of State Street in a research note on Monday. Finally, Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, State Street currently has an average rating of "Moderate Buy" and an average target price of $121.27.

Insiders Place Their Bets

In other State Street 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 value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.29% of the company's stock.

State Street Trading Down 2.2%

Shares of STT opened at $113.43 on Thursday. The company has a 50 day simple moving average of $112.68 and a two-hundred day simple moving average of $101.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market cap of $32.18 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 1.13 and a beta of 1.46. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $118.06.

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 (EPS) for the quarter, beating the consensus estimate 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 analysts' expectations of $3.33 billion. During the same period in the previous year, the company earned $2.15 EPS. The firm's quarterly revenue was up 2.9% on a year-over-year basis. On average, equities 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 declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. 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 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.

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