State Street Corporation $STT Stock Holdings Reduced by Diversified Trust Co

Key Points

• Diversified Trust Co reduced its stake in State Street Corporation by 61.9%, owning 6,021 shares worth approximately $640,000 after selling 9,771 shares during the second quarter.
• Various analysts have issued positive ratings and increased price targets for State Street, with Goldman Sachs raising their target from $98 to $111 and Citigroup from $115 to $130.
• State Street recently announced a quarterly dividend of $0.84 per share, an increase from the previous $0.76, reflecting a dividend yield of 3.0%.

Diversified Trust Co lowered its position in State Street Corporation (NYSE:STT - Free Report) by 61.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,021 shares of the asset manager's stock after selling 9,771 shares during the quarter. Diversified Trust Co's holdings in State Street were worth $640,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Meeder Advisory Services Inc. boosted its stake in shares of State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after acquiring an additional 114 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock worth $395,000 after acquiring an additional 118 shares in the last quarter. Larson Financial Group LLC boosted 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 acquiring an additional 118 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of State Street by 5.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock worth $201,000 after acquiring an additional 126 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in shares of State Street by 13.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after acquiring an additional 134 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on STT shares. The Goldman Sachs Group upped their price target on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Citigroup upgraded State Street from a "neutral" rating to a "buy" rating and upped their price target for the stock from $115.00 to $130.00 in a research note on Friday, September 5th. Truist Financial upped their price target on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, August 14th. Evercore ISI increased their target price 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, Bank of America increased their target price on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research note on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $114.18.

Insider Activity

In related 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 value 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. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.29% of the stock is currently owned by corporate insiders.

State Street Stock Performance

STT opened at $113.35 on Tuesday. The business's 50-day moving average price is $111.66 and its two-hundred day moving average price is $99.80. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $116.37. The company has a market capitalization of $32.16 billion, a price-to-earnings ratio of 12.69, a P/E/G ratio of 1.11 and a beta of 1.50. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57.

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. Equities analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed 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. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio is presently 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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