Todd Asset Management LLC Sells 5,190 Shares of State Street Corporation (NYSE:STT)

Key Points

• Todd Asset Management LLC reduced its stake in State Street Corporation by 1.9% in the first quarter, now holding 261,809 shares valued at approximately $23.4 million.
• State Street increased its quarterly dividend from $0.76 to $0.84 per share, reflecting a dividend yield of 3.0% and a payout ratio of 34.04%.
• The company reported a quarterly EPS of $2.53, exceeding analysts' expectations, and achieved a year-over-year revenue growth of 2.9% with quarterly revenue reaching $3.47 billion.

Todd Asset Management LLC reduced its position in shares of State Street Corporation (NYSE:STT - Free Report) by 1.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 261,809 shares of the asset manager's stock after selling 5,190 shares during the quarter. Todd Asset Management LLC owned about 0.09% of State Street worth $23,440,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Meeder Advisory Services Inc. raised its stake in 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 buying an additional 114 shares during the period. Sequoia Financial Advisors LLC raised its stake in 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 buying an additional 118 shares during the period. Larson Financial Group LLC raised its stake in 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 buying an additional 118 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in 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 buying an additional 134 shares during the period. Finally, Ironwood Investment Counsel LLC raised its stake in State Street by 2.6% during the 1st quarter. Ironwood Investment Counsel LLC now owns 5,921 shares of the asset manager's stock worth $530,000 after buying an additional 149 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.29% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

STT has been the topic of a number of research reports. Keefe, Bruyette & Woods dropped their price target on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research note on Monday, April 21st. Morgan Stanley upped their price target on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 1st. Truist Financial lowered their price objective on State Street from $122.00 to $116.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Bank of America increased their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Finally, Barclays lowered their price objective on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, State Street has a consensus rating of "Hold" and a consensus price target of $112.00.

State Street Stock Performance

Shares of STT stock traded up $1.49 during trading on Tuesday, hitting $111.32. The company's stock had a trading volume of 2,380,011 shares, compared to its average volume of 2,190,725. The company has a market cap of $31.58 billion, a PE ratio of 12.47, a P/E/G ratio of 1.21 and a beta of 1.48. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The business has a fifty day moving average of $106.03 and a 200-day moving average of $96.79. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $114.28.

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 the consensus estimate of $2.36 by $0.17. The company 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%. State Street's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.15 earnings per share. As a group, research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio is currently 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.