Wellington Management Group LLP Sells 506,055 Shares of State Street Corporation $STT

Key Points

• Wellington Management Group LLP significantly reduced its holdings in State Street Corporation by 91.8%, selling 506,055 shares and retaining only 45,155 shares worth approximately $4.04 million.
• State Street recently announced a quarterly dividend increase to $0.84 per share, resulting in an annualized dividend yield of 2.9%, reflecting its strong financial performance.
• Goldman Sachs and Citigroup both raised their price targets for State Street, with estimates reaching up to $121.00, indicating analysts have a generally positive outlook for the company's stock.

Wellington Management Group LLP lowered its holdings in State Street Corporation (NYSE:STT - Free Report) by 91.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,155 shares of the asset manager's stock after selling 506,055 shares during the period. Wellington Management Group LLP's holdings in State Street were worth $4,043,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. First Pacific Financial bought a new stake in State Street during the 1st quarter valued at $25,000. Larson Financial Group LLC grew its position in shares of State Street by 40.8% in the first 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 in the last quarter. Golden State Wealth Management LLC raised its stake 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 purchasing an additional 310 shares during the period. MV Capital Management Inc. lifted its holdings in State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after purchasing an additional 251 shares in the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in State Street in the 1st quarter worth about $46,000. 87.44% of the stock is owned by institutional investors.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of State Street 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 owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.29% of the company's stock.

State Street Price Performance

Shares of State Street stock traded up $1.09 during trading on Thursday, hitting $114.09. 1,090,209 shares of the stock traded hands, compared to its average volume of 1,514,016. The stock has a market cap of $32.37 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.11 and a beta of 1.50. 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 52 week low of $72.81 and a 52 week high of $116.37. The firm's fifty day moving average is $110.88 and its 200-day moving average is $98.44.

State Street (NYSE:STT - Get Free Report) last issued its earnings results 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. 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 analyst estimates of $3.33 billion. During the same quarter in the prior year, the firm earned $2.15 earnings per share. State Street's revenue for the quarter was up 2.9% on a year-over-year basis. Research analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This is a positive change 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 dividend on an annualized basis and a dividend yield of 2.9%. State Street's dividend payout ratio is currently 34.04%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company upped their price target on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Citigroup boosted their price objective on shares of State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Evercore ISI increased their target price on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Bank of America raised 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. Finally, The Goldman Sachs Group upped their price target on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, State Street currently has an average rating of "Moderate Buy" and a consensus target price of $112.82.

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.