Vanguard Group Inc. Sells 37,983 Shares of State Street Corporation (NYSE:STT)

Key Points

• Vanguard Group Inc. reduced its stake in State Street Corporation by 0.1%, holding 37,124,659 shares valued at approximately $3.32 billion after selling 37,983 shares in the first quarter.
• State Street recently declared a quarterly dividend increase to $0.84 per share, raising its annual yield to 3.0%, with the ex-dividend date set for October 1st.
• The firm reported earnings of $2.53 per share for the last quarter, exceeding analysts' expectations of $2.36, alongside a revenue increase of 2.9% compared to the previous year.

Vanguard Group Inc. reduced its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 0.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,124,659 shares of the asset manager's stock after selling 37,983 shares during the quarter. Vanguard Group Inc. owned 13.02% of State Street worth $3,323,771,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STT. First Pacific Financial purchased a new position in shares of State Street during the first quarter valued at approximately $25,000. Larson Financial Group LLC lifted its stake in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after buying an additional 118 shares during the period. Coppell Advisory Solutions LLC lifted its stake in shares of State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after buying an additional 412 shares during the period. Golden State Wealth Management LLC lifted its stake in shares of State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock valued at $43,000 after buying an additional 310 shares during the period. Finally, MV Capital Management Inc. lifted its stake in shares of State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after buying an additional 251 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group upped 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. Barclays decreased their price target on shares of State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Bank of America lifted their price target on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. Morgan Stanley lifted their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Finally, Truist Financial decreased their price target on shares of State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $112.00.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction on 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 directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.29% of the company's stock.

State Street Stock Up 1.4%

STT stock traded up $1.49 during midday trading on Tuesday, reaching $111.32. The company had a trading volume of 2,201,367 shares, compared to its average volume of 2,098,208. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $114.28. 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 company has a market capitalization of $31.58 billion, a P/E ratio of 12.47, a PEG ratio of 1.23 and a beta of 1.48. The company has a 50 day moving average of $105.74 and a two-hundred day moving average of $96.69.

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, topping analysts' consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company's revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.15 EPS. On average, equities research analysts expect 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. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is 34.04%.

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.