6,602 Shares in State Street Corporation $STT Purchased by United Services Automobile Association

Key Points

• United Services Automobile Association has invested approximately $588,000 in State Street Corporation, acquiring 6,602 shares in the first quarter.
• State Street has seen significant interest from institutional investors, with ownership by such entities rising to 87.44% of the company's stock.
• The company recently announced a dividend increase, boosting its quarterly payment from $0.76 to $0.84 per share, reflecting a yield of 3.0%.

United Services Automobile Association bought a new position in shares of State Street Corporation (NYSE:STT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 6,602 shares of the asset manager's stock, valued at approximately $588,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. grew its stake in State Street by 61.9% during the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock worth $84,000 after buying an additional 357 shares during the last quarter. Principal Financial Group Inc. grew its stake in State Street by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock worth $30,387,000 after buying an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in State Street by 127.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock worth $2,728,000 after buying an additional 17,201 shares during the last quarter. Index Fund Advisors Inc. purchased a new position in State Street during the 1st quarter worth $505,000. Finally, Bank of New York Mellon Corp grew its stake in State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after buying an additional 123,259 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

STT has been the subject of a number of research reports. Wells Fargo & Company lifted their price target on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Bank of America lifted their price target on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. The Goldman Sachs Group lifted their price target on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, Morgan Stanley lifted their price target on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Eight 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. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $114.18.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of the company's 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 of the company's stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.29% of the company's stock.

State Street Stock Performance

Shares of STT stock traded down $0.54 on Friday, hitting $112.40. The company had a trading volume of 1,068,213 shares, compared to its average volume of 1,686,478. The firm has a market cap of $31.89 billion, a P/E ratio of 12.59, a price-to-earnings-growth ratio of 1.10 and a beta of 1.50. The company has a 50-day moving average price of $111.35 and a 200-day moving average price of $98.98. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $116.37.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $3.47 billion during the quarter, compared to analysts' expectations 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 for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.15 EPS. As a group, 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 firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is currently 37.63%.

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.