State Street Corporation $STT Stock Holdings Lessened by APG Asset Management N.V.

Key Points

• APG Asset Management N.V. has reduced its holdings in State Street Corporation by 2.1%, bringing its total shares owned to 159,400, valued at approximately $13.2 million.
• Several analysts have increased their price targets for State Street shares, with price objectives ranging from $110 to $125, indicating a generally positive outlook for the stock.
• State Street declared a quarterly dividend of $0.84 per share, increasing from its previous dividend of $0.76, reflecting a commitment to returning value to shareholders.

APG Asset Management N.V. reduced its holdings in State Street Corporation (NYSE:STT - Free Report) by 2.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 159,400 shares of the asset manager's stock after selling 3,400 shares during the quarter. APG Asset Management N.V. owned approximately 0.06% of State Street worth $13,212,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of STT. First Pacific Financial bought a new position in shares of State Street in the 1st quarter worth about $25,000. Capital Analysts LLC lifted its position in State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC lifted its position in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after purchasing an additional 118 shares during the last quarter. Golden State Wealth Management LLC lifted its position 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 purchasing an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. lifted its position 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 purchasing an additional 251 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on STT shares. Morgan Stanley lifted their price objective on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Truist Financial lifted their price objective on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, August 14th. The Goldman Sachs Group lifted their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Finally, Bank of America raised their target price on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $112.82.

State Street Stock Down 0.5%

State Street stock opened at $114.93 on Tuesday. The stock has a market cap of $32.61 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.13 and a beta of 1.48. 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 company's 50-day moving average price is $108.73 and its two-hundred day moving average price is $97.55. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $115.87.

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

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend 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%.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of State Street 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 of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.29% of the stock is owned by corporate insiders.

State Street 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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