State Street Corporation $STT Shares Sold by Jones Financial Companies Lllp

Key Points

• Jones Financial Companies Lllp reduced its stake in State Street Corporation by 68.7%, owning 40,133 shares worth approximately $3.59 million after selling 88,128 shares.
• The company announced an increase in its quarterly dividend from $0.76 to $0.84, reflecting a yield of 3.0% based on an annualized payout of $3.36.
• State Street was upgraded by multiple analysts, with Citigroup increasing its price target from $115.00 to $130.00 and assigning a "buy" rating.

Jones Financial Companies Lllp lessened its position in shares of State Street Corporation (NYSE:STT - Free Report) by 68.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 40,133 shares of the asset manager's stock after selling 88,128 shares during the quarter. Jones Financial Companies Lllp's holdings in State Street were worth $3,593,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in STT. First Pacific Financial acquired a new position in State Street during the first quarter worth about $25,000. Capital Analysts LLC increased its stake in shares of State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after purchasing an additional 274 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after purchasing an additional 118 shares in the last quarter. Golden State Wealth Management LLC raised its position in shares of State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after purchasing an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. lifted its stake 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 buying an additional 251 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the firm's 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 transaction, the executive vice president 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.29% of the company's stock.

Analyst Upgrades and Downgrades

STT has been the subject of several recent research reports. Citigroup raised State Street from a "neutral" rating to a "buy" rating and raised their price target for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Morgan Stanley upped their target price on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Truist Financial lifted 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. Finally, Wells Fargo & Company upped their price objective 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. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $114.18.

State Street Stock Down 1.2%

Shares of NYSE:STT opened at $110.71 on Thursday. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $116.37. The stock's 50-day moving average price is $111.25 and its two-hundred day moving average price is $98.78. 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 market cap of $31.41 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 1.10 and a beta of 1.50.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share 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 for the quarter, compared to analyst estimates of $3.33 billion. During the same period in the prior year, the firm posted $2.15 EPS. The company's revenue was up 2.9% on a year-over-year basis. On average, research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

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

About State Street

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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