Woodstock Corp Lowers Position in State Street Corporation $STT

Woodstock Corp lessened its position in State Street Corporation (NYSE:STT) by 1.1% in the second quarter, HoldingsChannel reports. The firm owned 98,854 shares of the asset manager’s stock after selling 1,145 shares during the quarter. Woodstock Corp’s holdings in State Street were worth $10,512,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in STT. Eastern Bank raised its stake in State Street by 6,967.4% during the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock valued at $267,646,000 after buying an additional 2,947,153 shares during the last quarter. Nuveen LLC purchased a new position in State Street during the first quarter valued at $93,016,000. Invesco Ltd. raised its stake in State Street by 9.0% during the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after buying an additional 674,120 shares during the last quarter. Miller Howard Investments Inc. NY purchased a new position in State Street during the first quarter valued at $42,504,000. Finally, Allianz Asset Management GmbH increased its holdings in shares of State Street by 404.7% in the 1st quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager’s stock worth $52,469,000 after purchasing an additional 469,936 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of State Street stock opened at $112.02 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $31.78 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.10 and a beta of 1.50. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $116.37. The stock’s 50-day simple moving average is $111.39 and its 200-day simple moving average is $99.09.

State Street (NYSE:STT) last posted its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping 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%.The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the business earned $2.15 earnings per share. As a group, analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be given a $0.84 dividend. This is an increase from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Wednesday, October 1st. State Street’s dividend payout ratio (DPR) is presently 37.63%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Bank of America boosted their price target on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. 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. Wells Fargo & Company boosted their price target on State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. The Goldman Sachs Group boosted their price target on State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. Finally, Truist Financial boosted their price target on State Street from $116.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, August 14th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $114.18.

Insider Activity 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 stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

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.