Dimensional Fund Advisors LP Increases Holdings in State Street Corporation $STT

Dimensional Fund Advisors LP lifted its holdings in State Street Corporation (NYSE:STT) by 1.7% in the first quarter, Holdings Channel reports. The fund owned 3,101,952 shares of the asset manager’s stock after purchasing an additional 51,754 shares during the quarter. Dimensional Fund Advisors LP’s holdings in State Street were worth $392,539,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STT. Chicago Partners Investment Group LLC increased its stake in State Street by 1.6% during the fourth quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after acquiring an additional 83 shares during the last quarter. Wedmont Private Capital lifted its stake in shares of State Street by 1.3% in the 4th quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock valued at $861,000 after purchasing an additional 85 shares during the last quarter. Arjuna Capital boosted its holdings in shares of State Street by 0.4% in the 4th quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after purchasing an additional 95 shares during the period. LVW Advisors LLC boosted its holdings in shares of State Street by 1.7% in the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock worth $723,000 after purchasing an additional 96 shares during the period. Finally, Oregon Public Employees Retirement Fund boosted its holdings in shares of State Street by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock worth $4,053,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.4%

STT opened at $183.39 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. The stock’s 50 day moving average price is $167.13 and its 200-day moving average price is $144.93. State Street Corporation has a one year low of $104.64 and a one year high of $192.51. The stock has a market cap of $50.76 billion, a price-to-earnings ratio of 16.17, a P/E/G ratio of 0.89 and a beta of 1.42.

State Street (NYSE:STT) last issued 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 return on equity of 15.26% and a net margin of 15.02%.The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period last year, the company earned $2.04 EPS. State Street’s quarterly revenue was up 23.3% compared to the same quarter last year. On average, equities analysts forecast that State Street Corporation will post 13.44 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. State Street’s payout ratio is 32.45%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 17th. Morgan Stanley lifted their price objective on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday. UBS Group set a $176.00 price objective on shares of State Street in a research report on Friday, June 26th. Evercore set a $200.00 target price on shares of State Street in a research note on Monday. Finally, Truist Financial restated a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a report on Friday, July 17th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $184.72.

Insider Transactions at State Street

In other news, EVP W. Bradford Hu sold 9,212 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the transaction, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 25,265 shares of company stock worth $3,935,103. 0.27% of the stock is currently owned by insiders.

State Street Company Profile

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.