UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Acquires 49,353 Shares of State Street Corporation $STT

Key Points

• UBS Asset Management increased its stake in State Street Corporation, acquiring an additional 49,353 shares, bringing its total holdings to 2,713,415 shares, valued at $242.9 million.
• State Street announced a quarterly dividend increase to $0.84 per share, which translates to an annualized dividend of $3.36 and a 3.0% dividend yield.
• Research analysts have given State Street a “Moderate Buy” average rating, with target price increases from firms like Truist Financial and Citigroup, reflecting positive sentiment towards the stock.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 1.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,713,415 shares of the asset manager's stock after acquiring an additional 49,353 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.95% of State Street worth $242,932,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Meeder Advisory Services Inc. grew its holdings 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 acquiring an additional 114 shares during the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of State Street by 2.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after purchasing an additional 118 shares during the period. Larson Financial Group LLC lifted its stake in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after purchasing an additional 118 shares during the period. Smartleaf Asset Management LLC boosted its stake in State Street by 5.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager's stock worth $201,000 after acquiring an additional 126 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in State Street by 13.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after acquiring an additional 134 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on STT shares. Truist Financial increased their target price on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, August 14th. Wells Fargo & Company increased their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Bank of America increased their target price on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and increased their target price for the stock from $115.00 to $130.00 in a research note on Friday, September 5th. Finally, Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, State Street has an average rating of "Moderate Buy" and an average price target of $114.18.

State Street Stock Up 2.0%

State Street stock opened at $112.94 on Friday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $116.37. The firm has a market capitalization of $32.04 billion, a price-to-earnings ratio of 12.65, a price-to-earnings-growth ratio of 1.08 and a beta of 1.50. The firm's fifty day moving average price is $111.30 and its two-hundred day moving average price is $98.88. 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. 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 for the quarter, compared to analyst estimates of $3.33 billion. During the same period last year, the firm earned $2.15 earnings per share. The business's quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts predict that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company 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 an increase 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 is Wednesday, October 1st. State Street's dividend payout ratio is currently 34.04%.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the 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 completion of the sale, the executive vice president owned 41,332 shares in the company, valued at $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 SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

State Street Company 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.

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