Vident Advisory LLC Increases Position in State Street Corporation $STT

Key Points

• Vident Advisory LLC increased its stake in State Street Corporation by 145.2%, acquiring an additional 8,096 shares, bringing their total ownership to 13,673 shares valued at $1,224,000.
• State Street recently declared a quarterly dividend of $0.84 per share, up from the previous $0.76, indicating a 3.0% dividend yield and a payout ratio of 37.63%.
• Wall Street analysts have a positive outlook on State Street, with many raising their target prices; the consensus rating is a "Moderate Buy" with an average target price of $112.82.

Vident Advisory LLC lifted its position in shares of State Street Corporation (NYSE:STT - Free Report) by 145.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,673 shares of the asset manager's stock after buying an additional 8,096 shares during the period. Vident Advisory LLC's holdings in State Street were worth $1,224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Invesco Ltd. increased its holdings in shares of State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock worth $732,775,000 after buying an additional 674,120 shares during the last quarter. Northern Trust Corp increased its holdings in shares of State Street by 2.8% during the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock worth $381,770,000 after buying an additional 115,751 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of State Street by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock worth $274,732,000 after buying an additional 14,011 shares during the last quarter. Eastern Bank increased its holdings in shares of State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock worth $267,646,000 after buying an additional 2,947,153 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in State Street by 16.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,696,326 shares of the asset manager's stock valued at $241,403,000 after purchasing an additional 387,196 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of the business'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 completion of the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Evercore ISI lifted their target price on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Truist Financial lifted their target price on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, August 14th. The Goldman Sachs Group lifted their target price on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Bank of America lifted their target price 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. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, State Street has a consensus rating of "Moderate Buy" and an average price target of $114.18.

State Street Stock Down 0.9%

Shares of State Street stock traded down $1.07 during trading on Friday, hitting $112.99. 2,598,760 shares of the stock were exchanged, compared to its average volume of 1,513,550. The stock has a market cap of $32.05 billion, a price-to-earnings ratio of 12.65, a price-to-earnings-growth ratio of 1.11 and a beta of 1.50. The firm's 50-day moving average price is $111.02 and its 200 day moving average price is $98.52. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $116.37. 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 quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, topping 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 net margin of 12.59% and a return on equity of 12.96%. The company's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.15 EPS. As a group, analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This is an increase from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. 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.