Vest Financial LLC Raises Stock Holdings in State Street Corporation $STT

Key Points

• Vest Financial LLC significantly boosted its stake in State Street Corporation by 112.4% during Q2, accumulating a total of 206,785 shares valued at approximately $21.99 million.
• Several hedge funds reported notable activities, including Capital Analysts LLC, which increased its position in State Street by 3,914.3%, now owning 281 shares.
• State Street recently declared a quarterly dividend of $0.84, up from $0.76, reflecting a 3.0% yield, with the ex-dividend date set for October 1st.

Vest Financial LLC increased its position in State Street Corporation (NYSE:STT - Free Report) by 112.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 206,785 shares of the asset manager's stock after buying an additional 109,443 shares during the quarter. Vest Financial LLC owned 0.07% of State Street worth $21,990,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. First Pacific Financial purchased a new position in State Street during the 1st quarter valued at $25,000. Capital Analysts LLC increased its position in State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock valued at $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC increased its position in State Street by 40.8% during 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. Golden State Wealth Management LLC boosted its holdings in shares of State Street by 186.7% during the 1st 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 in the last quarter. Finally, Zions Bancorporation National Association UT bought a new stake in shares of State Street during the 1st quarter valued at $46,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the business's 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 transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

STT has been the topic of a number of research reports. Evercore ISI boosted their target price on shares of State Street from $117.00 to $128.00 and gave the company an "outperform" rating in a report on Tuesday, September 30th. Morgan Stanley reiterated an "overweight" rating and issued a $162.00 price target on shares of State Street in a research note on Monday, September 29th. The Goldman Sachs Group upped their target price on shares of State Street from $109.00 to $130.00 and gave the company a "buy" rating in a research note on Monday, October 6th. Truist Financial upped their price target on shares of State Street from $125.00 to $133.00 and gave the company a "buy" rating in a research report on Thursday, October 2nd. Finally, 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 report on Friday, September 5th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, State Street presently has a consensus rating of "Moderate Buy" and a consensus price target of $122.83.

State Street Stock Performance

State Street stock opened at $111.03 on Monday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $118.24. The firm has a market capitalization of $31.50 billion, a P/E ratio of 12.43, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. The company's 50-day moving average is $113.23 and its 200 day moving average is $102.36. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57.

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 for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same period last year, the company earned $2.15 earnings per share. The business's revenue for the quarter was up 2.9% compared to the same quarter last year. Research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders 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 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio is presently 37.63%.

State Street 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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