State Street Corporation $STT Shares Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management increased its holdings in State Street Corporation (STT) by 16% to 37,829 shares, valued at approximately $4.02 million.
• State Street announced a quarterly dividend of $0.84 per share, representing a 3.0% yield, which is an increase from the previous $0.76 dividend.
• Analysts are optimistic about State Street, with several raising their price targets; the average target price is now $114.18 with a consensus rating of "Moderate Buy."

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in State Street Corporation (NYSE:STT - Free Report) by 16.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 37,829 shares of the asset manager's stock after buying an additional 5,207 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in State Street were worth $4,023,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Aaron Wealth Advisors LLC boosted its stake in State Street by 13.0% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 2,647 shares of the asset manager's stock worth $281,000 after purchasing an additional 304 shares in the last quarter. Sarver Vrooman Wealth Advisors acquired a new stake in State Street in the 2nd quarter worth approximately $77,000. Beacon Financial Group acquired a new stake in State Street in the 2nd quarter worth approximately $226,000. Czech National Bank lifted its stake in State Street by 5.2% during the 2nd quarter. Czech National Bank now owns 69,708 shares of the asset manager's stock valued at $7,413,000 after acquiring an additional 3,452 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its stake in State Street by 48.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,714 shares of the asset manager's stock valued at $182,000 after acquiring an additional 557 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction dated 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. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.29% of the stock is owned by insiders.

State Street Trading Down 0.9%

Shares of STT traded down $0.97 during mid-day trading on Tuesday, reaching $112.35. The stock had a trading volume of 437,486 shares, compared to its average volume of 2,033,678. 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 Corporation has a 52-week low of $72.81 and a 52-week high of $116.37. The business's fifty day moving average is $111.66 and its 200 day moving average is $99.80. The firm has a market cap of $31.87 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.11 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 (EPS) for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the prior year, the firm posted $2.15 earnings per share. State Street's quarterly revenue was up 2.9% on a year-over-year basis. On average, sell-side analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date of this dividend 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 dividend payout ratio is currently 34.04%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Bank of America lifted their price objective 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. 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 note on Wednesday, July 2nd. 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 note on Thursday, August 14th. 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 note on Tuesday, July 1st. Finally, Citigroup upgraded shares of State Street from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $114.18.

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.