Stock Yards Bank & Trust Co. trimmed its stake in State Street Corporation (NYSE:STT – Free Report) by 7.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 6,957 shares of the asset manager’s stock after selling 541 shares during the period. Stock Yards Bank & Trust Co.’s holdings in State Street were worth $740,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of STT. Brighton Jones LLC purchased a new position in shares of State Street in the 4th quarter valued at $296,000. Merit Financial Group LLC raised its holdings in State Street by 45.3% during the first quarter. Merit Financial Group LLC now owns 5,846 shares of the asset manager’s stock worth $523,000 after purchasing an additional 1,822 shares in the last quarter. Vest Financial LLC purchased a new position in State Street during the first quarter worth about $8,715,000. Godsey & Gibb Inc. raised its holdings in State Street by 4.2% during the first quarter. Godsey & Gibb Inc. now owns 212,072 shares of the asset manager’s stock worth $18,987,000 after purchasing an additional 8,592 shares in the last quarter. Finally, Wedmont Private Capital raised its holdings in State Street by 4.2% during the first quarter. Wedmont Private Capital now owns 6,410 shares of the asset manager’s stock worth $574,000 after purchasing an additional 258 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.
State Street Stock Up 1.1%
STT stock opened at $116.35 on Friday. The company has a market cap of $33.01 billion, a P/E ratio of 13.03, a P/E/G ratio of 1.13 and a beta of 1.46. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $118.06. The company’s 50-day moving average price is $112.83 and its 200 day moving average price is $101.46. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.
State Street Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 1st. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is currently 37.63%.
Insider Transactions at State Street
In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.29% of the company’s stock.
Analysts Set New Price Targets
STT has been the subject of several analyst reports. Morgan Stanley reissued an “overweight” rating and set a $162.00 price target on shares of State Street in a report on Monday, September 29th. Truist Financial increased their price target on shares of State Street from $125.00 to $133.00 and gave the stock a “buy” rating in a report on Thursday. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Saturday, September 27th. The Goldman Sachs Group set a $128.00 price target on shares of State Street in a report on Tuesday. Finally, Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $122.67.
Read Our Latest Stock Report on State Street
State Street Company 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.
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