First Trust Advisors LP reduced its holdings in shares of State Street Corporation (NYSE:STT – Free Report) by 22.7% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,768,064 shares of the asset manager’s stock after selling 814,913 shares during the quarter. First Trust Advisors LP’s holdings in State Street were worth $350,326,000 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 STT. Wilkerson Advisory Group LLC acquired a new stake in State Street in the fourth quarter worth about $29,000. JPL Wealth Management LLC acquired a new position in shares of State Street during the third quarter valued at about $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street during the fourth quarter valued at about $30,000. Whipplewood Advisors LLC purchased a new position in shares of State Street in the 1st quarter valued at approximately $34,000. Finally, Reflection Asset Management purchased a new position in shares of State Street in the 4th quarter valued at approximately $35,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other State Street news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the sale, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the sale, the executive vice president directly owned 59,552 shares in the company, valued at $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,265 shares of company stock valued at $3,935,103 over the last 90 days. Insiders own 0.27% of the company’s stock.
State Street Price Performance
State Street (NYSE:STT – Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the firm posted $2.04 EPS. State Street’s revenue for the quarter was up 23.3% compared to the same quarter last year. On average, sell-side analysts expect that State Street Corporation will post 13.44 earnings per share for the current year.
State Street Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s dividend payout ratio (DPR) is currently 32.45%.
Analyst Upgrades and Downgrades
Several analysts have weighed in on the stock. Truist Financial reissued a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Keefe, Bruyette & Woods raised their price target on shares of State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Friday, July 17th. JPMorgan Chase & Co. lifted their price objective on shares of State Street from $158.50 to $176.50 and gave the stock a “neutral” rating in a research note on Monday, July 6th. Argus boosted their price objective on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Finally, Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $184.72.
View Our Latest Analysis on State Street
About State Street
State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.
State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.
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