Northern Trust Corp Has $381.77 Million Holdings in State Street Corporation $STT

Key Points

• Northern Trust Corp increased its stake in State Street Corporation by 2.8%, owning approximately 1.50% of the company, valued at $381.77 million.
• State Street has received several analyst upgrades, with Evercore ISI raising its target price to $115.00 and Truist Financial increasing it to $125.00, indicating strong investor confidence in the company.
• The company has announced a quarterly dividend of $0.84 per share, a rise from its previous quarterly dividend of $0.76, reflecting its ongoing commitment to returning value to shareholders.

Northern Trust Corp boosted its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 2.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,264,161 shares of the asset manager's stock after acquiring an additional 115,751 shares during the period. Northern Trust Corp owned approximately 1.50% of State Street worth $381,770,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Brighton Jones LLC bought a new position in State Street during the fourth quarter worth about $296,000. First Trust Advisors LP lifted its holdings in State Street by 8.7% during the fourth quarter. First Trust Advisors LP now owns 656,374 shares of the asset manager's stock worth $64,423,000 after acquiring an additional 52,380 shares in the last quarter. Curi RMB Capital LLC bought a new position in State Street during the fourth quarter worth about $207,000. Norinchukin Bank The lifted its holdings in State Street by 8.2% during the fourth quarter. Norinchukin Bank The now owns 13,410 shares of the asset manager's stock worth $1,316,000 after acquiring an additional 1,018 shares in the last quarter. Finally, MML Investors Services LLC lifted its holdings in State Street by 5.9% during the fourth quarter. MML Investors Services LLC now owns 11,895 shares of the asset manager's stock worth $1,168,000 after acquiring an additional 659 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Citigroup lifted their target price on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Morgan Stanley lifted their price target on 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 lifted their price target on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Evercore ISI lifted their price target on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Finally, The Goldman Sachs Group lifted their price target on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Seven 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $112.82.

State Street Stock Up 2.7%

Shares of NYSE:STT traded up $3.0010 during midday trading on Friday, reaching $115.3610. The company had a trading volume of 2,144,667 shares, compared to its average volume of 1,591,367. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The business's 50 day moving average price is $108.38 and its 200 day moving average price is $97.47. The stock has a market cap of $32.73 billion, a PE ratio of 12.92, a P/E/G ratio of 1.10 and a beta of 1.48. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $115.65.

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

State Street Increases Dividend

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

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 transaction of $108,197.10. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is currently owned by company insiders.

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.