State Street Corporation $STT Position Decreased by ASR Vermogensbeheer N.V.

Key Points

• ASR Vermogensbeheer N.V. reduced its stake in State Street Corporation by 3.5% during the second quarter, now owning 78,193 shares valued at approximately $8.3 million.
• State Street recently declared a quarterly dividend of $0.84 per share, an increase from its prior dividend of $0.76, with a dividend yield of 2.9%.
• The company reported $2.53 EPS for the latest quarter, exceeding analysts' expectations, with a revenue of $3.47 billion.

ASR Vermogensbeheer N.V. lowered its holdings in State Street Corporation (NYSE:STT - Free Report) by 3.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,193 shares of the asset manager's stock after selling 2,836 shares during the period. ASR Vermogensbeheer N.V.'s holdings in State Street were worth $8,315,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in STT. DMKC Advisory Services LLC grew its position in State Street by 8.6% in the second quarter. DMKC Advisory Services LLC now owns 23,072 shares of the asset manager's stock worth $2,480,000 after buying an additional 1,833 shares during the last quarter. Cantor Fitzgerald Investment Advisors L.P. lifted its position in shares of State Street by 1.6% during the 2nd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 68,672 shares of the asset manager's stock valued at $7,303,000 after acquiring an additional 1,072 shares during the last quarter. Trust Co. of Vermont boosted its stake in shares of State Street by 21.2% during the 2nd quarter. Trust Co. of Vermont now owns 2,289 shares of the asset manager's stock worth $243,000 after acquiring an additional 400 shares in the last quarter. Robbins Farley grew its holdings in shares of State Street by 20.7% in the 2nd quarter. Robbins Farley now owns 10,162 shares of the asset manager's stock worth $1,081,000 after acquiring an additional 1,745 shares during the last quarter. Finally, Greenleaf Trust grew its holdings in shares of State Street by 3.8% in the 2nd quarter. Greenleaf Trust now owns 17,057 shares of the asset manager's stock worth $1,814,000 after acquiring an additional 625 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction 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 sale, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company's stock.

State Street Price Performance

Shares of STT opened at $115.21 on Friday. The business's 50-day moving average is $112.77 and its 200-day moving average is $101.18. 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 company has a market capitalization of $32.69 billion, a price-to-earnings ratio of 12.90, a P/E/G ratio of 1.10 and a beta of 1.46. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.06.

State Street (NYSE:STT - Get Free Report) last posted 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. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. During the same period last year, the company posted $2.15 earnings per share. The firm's quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts expect that State Street Corporation will post 9.68 EPS 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 2.9%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is presently 37.63%.

Analyst Ratings Changes

Several equities research analysts have recently commented on STT shares. 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 report on Wednesday, July 16th. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. TD Cowen initiated coverage on shares of State Street in a report on Thursday, September 25th. They issued a "buy" rating for the company. Evercore ISI lifted their target price on shares of State Street from $117.00 to $128.00 and gave the stock an "outperform" rating in a research report on Tuesday. Finally, Truist Financial boosted their price target on shares of State Street from $125.00 to $133.00 and gave the company a "buy" rating in a report on Thursday. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, State Street has an average rating of "Moderate Buy" and an average price target of $122.00.

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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