State Street Corporation $STT Shares Sold by USS Investment Management Ltd

Key Points

• USS Investment Management Ltd has reduced its stake in State Street Corporation by 34.7%, now holding 51,875 shares valued at approximately $4.65 million.
• State Street recently announced a quarterly dividend increase to $0.84 per share, up from $0.76, signifying a 3.0% dividend yield.
• Several analysts have updated their ratings for State Street, with Citigroup raising its target price from $115 to $130 and a consensus rating of "Moderate Buy."

USS Investment Management Ltd decreased its position in State Street Corporation (NYSE:STT - Free Report) by 34.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 51,875 shares of the asset manager's stock after selling 27,600 shares during the period. USS Investment Management Ltd's holdings in State Street were worth $4,646,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in STT. Eastern Bank boosted its holdings in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after acquiring an additional 2,947,153 shares in the last quarter. Nuveen LLC purchased a new stake in shares of State Street in the first quarter valued at about $93,016,000. Invesco Ltd. boosted its holdings in shares of State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after acquiring an additional 674,120 shares in the last quarter. Miller Howard Investments Inc. NY purchased a new stake in shares of State Street in the first quarter valued at about $42,504,000. Finally, Allianz Asset Management GmbH boosted its holdings in shares of State Street by 404.7% in the first quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager's stock valued at $52,469,000 after acquiring an additional 469,936 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Price Performance

Shares of NYSE STT traded down $0.54 on Friday, hitting $112.40. The company's stock had a trading volume of 1,068,213 shares, compared to its average volume of 1,686,478. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $116.37. The company has a market capitalization of $31.89 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 1.10 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. The stock has a 50 day moving average of $111.35 and a 200-day moving average of $98.98.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the firm earned $2.15 earnings per share. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, research analysts predict that State Street Corporation will post 9.68 EPS for the current 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 issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. 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 payout ratio is currently 37.63%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STT. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Bank of America boosted their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Morgan Stanley boosted their price objective on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Evercore ISI boosted their price objective on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Finally, The Goldman Sachs Group boosted their price objective on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $114.18.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the business'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 completion of 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is currently 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.