State Street Corporation $STT Shares Sold by Riverview Trust Co

Riverview Trust Co trimmed its holdings in shares of State Street Corporation (NYSE:STT) by 33.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 793 shares of the asset manager’s stock after selling 404 shares during the period. Riverview Trust Co’s holdings in State Street were worth $84,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. First Pacific Financial acquired a new stake in State Street in the 1st quarter worth approximately $25,000. Capital Analysts LLC lifted its stake in shares of State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after buying an additional 274 shares during the period. Larson Financial Group LLC grew its holdings 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 last quarter. Golden State Wealth Management LLC increased its position in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after acquiring an additional 310 shares during the period. Finally, MV Capital Management Inc. increased its position in shares of State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock valued at $45,000 after acquiring an additional 251 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at State Street

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

Analyst Ratings Changes

A number of analysts have commented on STT shares. Truist Financial lifted their price target on State Street from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, August 14th. The Goldman Sachs Group set a $128.00 target price on State Street in a report on Tuesday. Bank of America upped their target price on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and increased their price target for the stock from $115.00 to $130.00 in a report on Friday, September 5th. Finally, Wells Fargo & Company lifted their price objective on shares of State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $121.27.

State Street Stock Down 2.2%

Shares of NYSE STT opened at $113.43 on Thursday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.06. The company’s 50-day simple moving average is $112.68 and its 200-day simple moving average is $101.00. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market cap of $32.18 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 1.13 and a beta of 1.46.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter last year, the business posted $2.15 earnings per share. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. 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. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. State Street’s payout ratio is currently 34.04%.

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.