Fifth Third Bancorp Sells 580 Shares of State Street Corporation $STT

Fifth Third Bancorp lessened its holdings in State Street Corporation (NYSE:STT) by 0.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm 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 quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. First Pacific Financial purchased a new stake in shares of State Street in the first quarter worth $25,000. Capital Analysts LLC boosted its stake in State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after purchasing an additional 274 shares in the last quarter. Larson Financial Group LLC grew its position in State Street by 40.8% during the 1st 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 during the last quarter. Golden State Wealth Management LLC increased its stake in 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 in the last quarter. Finally, MV Capital Management Inc. raised its holdings in State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock worth $45,000 after buying an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Up 1.1%

STT stock opened at $114.20 on Friday. The business’s 50-day moving average is $112.18 and its two-hundred day moving average is $100.17. The company has a market cap of $32.40 billion, a price-to-earnings ratio of 12.79, a P/E/G ratio of 1.10 and a beta of 1.50. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $116.37. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion for 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 business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.15 EPS. As a group, analysts forecast that State Street Corporation will post 9.68 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 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. 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. State Street’s payout ratio is presently 34.04%.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares of the company’s stock, valued at approximately $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 can be accessed through this link. 0.29% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on STT. Bank of America increased 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. TD Cowen assumed coverage on State Street in a research note on Thursday. They set a “buy” rating on the stock. Morgan Stanley boosted their price target on State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Evercore ISI upped their price target on State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company lifted their price objective on State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.18.

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.