State Street Corporation $STT Shares Purchased by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. increased its stake in State Street Corporation (NYSE:STT) by 19.1%, owning a total of 37,548 shares valued at approximately $3.36 million.
• State Street recently reported earnings of $2.53 per share, exceeding analysts' expectations and marking a 2.9% increase in revenue year-over-year.
• The company has announced a new quarterly dividend of $0.84 per share, up from the previous quarterly dividend of $0.76, reflecting an annual yield of 3.0%.

Advisors Asset Management Inc. raised its position in shares of State Street Corporation (NYSE:STT - Free Report) by 19.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,548 shares of the asset manager's stock after purchasing an additional 6,016 shares during the period. Advisors Asset Management Inc.'s holdings in State Street were worth $3,362,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Pacific Financial acquired a new stake in shares of State Street in the 1st quarter worth approximately $25,000. Capital Analysts LLC lifted its stake in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after acquiring an additional 274 shares during the period. Larson Financial Group LLC lifted its stake in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after acquiring an additional 118 shares during the period. Golden State Wealth Management LLC lifted its holdings in State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after acquiring an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. lifted its holdings in State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after acquiring an additional 251 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by insiders.

State Street Stock Down 0.9%

Shares of NYSE:STT opened at $112.99 on Friday. 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 market cap of $32.06 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.12 and a beta of 1.50. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $116.37. The firm has a 50 day simple moving average of $111.02 and a 200 day simple moving average of $98.53.

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

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is currently 34.04%.

Analyst Ratings Changes

A number of brokerages have weighed in on STT. Bank of America upped their price target 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. Morgan Stanley increased their target price 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. Wells Fargo & Company increased their target price 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. Truist Financial increased their target price 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. Finally, Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and increased their target price for the company from $115.00 to $130.00 in a research note on Friday. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $114.18.

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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