State Street Corporation $STT Stock Position Increased by Sei Investments Co.

Key Points

• Sei Investments Co. boosted its State Street stake by 41.3% in the first quarter, buying 247,788 more shares and bringing its holdings to 848,479 shares valued at about $107.4 million.
• State Street reported better-than-expected Q2 results, with earnings per share of $3.65 versus the $3.34 estimate and revenue of $4.05 billion versus the $3.88 billion forecast.
• The company raised its quarterly dividend to $0.92 per share from $0.84, which works out to an annualized dividend of $3.68 and a yield of about 2.0%.

Sei Investments Co. increased its position in State Street Corporation (NYSE:STT - Free Report) by 41.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 848,479 shares of the asset manager's stock after buying an additional 247,788 shares during the quarter. Sei Investments Co. owned about 0.31% of State Street worth $107,384,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC acquired a new stake in State Street in the 4th quarter valued at about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock worth $2,885,000 after purchasing an additional 918 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock worth $913,000 after purchasing an additional 5,226 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock worth $2,065,000 after purchasing an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP raised its holdings in shares of State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock worth $2,182,000 after purchasing an additional 6,767 shares in the last quarter. Institutional investors own 87.44% of the company's stock.

State Street Stock Performance

Shares of STT opened at $184.10 on Friday. State Street Corporation has a one year low of $104.64 and a one year high of $192.51. The company has a 50-day moving average of $168.41 and a two-hundred day moving average of $145.71. The stock has a market cap of $50.95 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 0.77 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm's quarterly revenue was up 23.3% compared to the same quarter last year. During the same period last year, the firm posted $2.04 earnings per share. On average, equities research analysts expect that State Street Corporation will post 13.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio is presently 29.63%.

Insider Buying and Selling at State Street

In other State Street news, EVP W. Bradford Hu sold 9,212 shares of the business's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the sale, the executive vice president directly owned 59,552 shares of the company's stock, valued at $9,251,403.20. The trade was a 13.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares of the company's stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 25,265 shares of company stock valued at $3,935,103 in the last three months. 0.27% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on STT. Royal Bank Of Canada increased their target price on shares of State Street from $155.00 to $196.00 and gave the company a "sector perform" rating in a research note on Friday, July 17th. Truist Financial restated a "hold" rating and issued a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Weiss Ratings raised State Street from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, May 28th. Seaport Research Partners reiterated a "buy" rating and set a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Finally, Argus raised their price objective on State Street from $140.00 to $168.00 and gave the stock a "buy" rating in a research note on Tuesday, April 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $184.72.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.