MUFG Securities EMEA plc Reduces Stock Holdings in State Street Corporation (NYSE:STT)

MUFG Securities EMEA plc reduced its holdings in State Street Corporation (NYSE:STT) by 20.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 88,600 shares of the asset manager’s stock after selling 23,400 shares during the period. MUFG Securities EMEA plc’s holdings in State Street were worth $7,932,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in STT. Brighton Jones LLC purchased a new stake in shares of State Street in the 4th quarter valued at $296,000. Cerity Partners LLC lifted its stake in shares of State Street by 5.0% in the 4th quarter. Cerity Partners LLC now owns 63,999 shares of the asset manager’s stock valued at $6,135,000 after purchasing an additional 3,063 shares during the period. APG Asset Management N.V. acquired a new position in shares of State Street in the 4th quarter valued at $15,431,000. Oak Associates Ltd. OH lifted its stake in shares of State Street by 18.2% in the 4th quarter. Oak Associates Ltd. OH now owns 66,813 shares of the asset manager’s stock valued at $6,558,000 after purchasing an additional 10,309 shares during the period. Finally, Sterling Capital Management LLC lifted its stake in shares of State Street by 32.2% in the 4th quarter. Sterling Capital Management LLC now owns 29,079 shares of the asset manager’s stock valued at $2,854,000 after purchasing an additional 7,087 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

STT has been the subject of several analyst reports. Wells Fargo & Company boosted their target price 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. Truist Financial decreased their target price on shares of State Street from $122.00 to $116.00 and set a “buy” rating for the company in a research note on Wednesday, July 16th. Morgan Stanley boosted their target price on shares of State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. Barclays decreased their target price on shares of State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Finally, Evercore ISI boosted their target price on shares of State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, State Street presently has a consensus rating of “Hold” and an average target price of $112.00.

State Street Stock Performance

NYSE:STT opened at $111.28 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The company has a fifty day moving average of $105.47 and a two-hundred day moving average of $96.62. The stock has a market capitalization of $31.57 billion, a PE ratio of 12.46, a P/E/G ratio of 1.21 and a beta of 1.48. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $114.28.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. The company 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 firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.15 earnings per share. As a group, research analysts forecast that State Street Corporation will post 9.68 earnings per share 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 given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is a positive change from State Street’s previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street’s dividend payout ratio (DPR) is currently 34.04%.

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.

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.