Fifth Third Bancorp Reduces Stake in State Street Corporation $STT

Fifth Third Bancorp lessened its stake in shares of State Street Corporation (NYSE:STT) by 0.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,297 shares of the asset manager’s stock after selling 580 shares during the quarter. Fifth Third Bancorp’s holdings in State Street were worth $7,582,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Assetmark Inc. boosted its position in shares of State Street by 61.9% during the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager’s stock valued at $84,000 after acquiring an additional 357 shares during the last quarter. Principal Financial Group Inc. lifted its position in State Street by 1.6% during the first quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager’s stock valued at $30,387,000 after purchasing an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in State Street by 127.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager’s stock worth $2,728,000 after buying an additional 17,201 shares in the last quarter. Index Fund Advisors Inc. purchased a new stake in shares of State Street during the 1st quarter valued at $505,000. Finally, Bank of New York Mellon Corp raised its position in shares of State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager’s stock valued at $195,764,000 after buying an additional 123,259 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at State Street

In related 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 transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares in the company, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on STT shares. The Goldman Sachs Group upped their target price on shares of State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Morgan Stanley increased their price objective on State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research report on Tuesday, July 1st. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $115.00 to $130.00 in a research report on Friday, September 5th. TD Cowen started coverage on shares of State Street in a research report on Thursday. They set a “buy” rating on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Nine 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 stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $114.18.

State Street Stock Performance

Shares of NYSE:STT opened at $114.20 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average price of $112.18 and a 200-day moving average price of $100.17. The company has a market cap of $32.40 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.10 and a beta of 1.50. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $116.37.

State Street (NYSE:STT) last announced its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.15 EPS. As a group, equities analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. 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 yield of 2.9%. State Street’s payout ratio is 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.