State Street Corporation $STT Shares Purchased 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 boosted its position in shares of State Street Corporation (NYSE:STT - Free Report) by 16.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,829 shares of the asset manager's stock after purchasing an additional 5,207 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in State Street were worth $4,023,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Invesco Ltd. boosted its position in State Street by 9.0% during the 1st 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. Northern Trust Corp boosted its position in State Street by 2.8% during the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock valued at $381,770,000 after acquiring an additional 115,751 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in State Street by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock valued at $274,732,000 after acquiring an additional 14,011 shares in the last quarter. Eastern Bank boosted its position in State Street by 6,967.4% during the 1st 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. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in State Street by 1.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager's stock valued at $242,932,000 after acquiring an additional 49,353 shares in the last quarter. Institutional investors own 87.44% of the company's stock.

State Street Stock Performance

Shares of NYSE STT traded down $0.15 during trading on Monday, reaching $113.35. 1,036,926 shares of the company traded hands, compared to its average volume of 2,042,734. The firm's fifty day simple moving average is $111.60 and its 200 day simple moving average is $99.64. The stock has a market cap of $32.16 billion, a P/E ratio of 12.69, a PEG ratio of 1.11 and a beta of 1.50. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $116.37. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company's revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $2.15 EPS. As a group, research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. 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. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is 37.63%.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction dated 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 transaction, the executive vice president owned 41,332 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. 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 report on Wednesday, July 16th. Citigroup raised State Street from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. The Goldman Sachs Group raised their price objective on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Evercore ISI raised their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.