State Street Corporation $STT Position Decreased by TD Private Client Wealth LLC

TD Private Client Wealth LLC decreased its holdings in shares of State Street Corporation (NYSE:STT) by 7.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,897 shares of the asset manager’s stock after selling 146 shares during the period. TD Private Client Wealth LLC’s holdings in State Street were worth $202,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Meeder Advisory Services Inc. boosted its holdings in shares of State Street by 2.0% in the first quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock worth $515,000 after buying an additional 114 shares during the period. Sequoia Financial Advisors LLC boosted its holdings in shares of State Street by 2.7% during the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock worth $395,000 after purchasing an additional 118 shares during the period. Larson Financial Group LLC boosted its holdings in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after purchasing an additional 118 shares during the period. Smartleaf Asset Management LLC boosted its holdings in shares of State Street by 5.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock worth $201,000 after purchasing an additional 126 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in shares of State Street by 13.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager’s stock worth $104,000 after purchasing an additional 134 shares during the period. Institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.2%

State Street stock opened at $115.64 on Monday. The firm’s 50-day moving average is $112.32 and its 200-day moving average is $100.59. 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 Corporation has a 1 year low of $72.81 and a 1 year high of $116.37. The company has a market cap of $32.81 billion, a P/E ratio of 12.95, a PEG ratio of 1.13 and a beta of 1.50.

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, beating the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same period last year, the firm posted $2.15 EPS. State Street’s quarterly revenue was up 2.9% compared to the same quarter last year. On average, equities analysts expect 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 paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is presently 34.04%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on STT. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and raised their price objective for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Truist Financial raised their price objective on shares of State Street from $116.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, August 14th. Wells Fargo & Company raised their price objective on shares of State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Finally, Evercore ISI raised their price objective on shares of State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $114.18.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate 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.