Eastern Bank Decreases Holdings in State Street Corporation $STT

Eastern Bank cut its stake in shares of State Street Corporation (NYSE:STT) by 98.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 41,238 shares of the asset manager’s stock after selling 2,948,214 shares during the period. Eastern Bank’s holdings in State Street were worth $4,385,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in STT. First Pacific Financial purchased a new stake in State Street during the 1st quarter valued at $25,000. Capital Analysts LLC increased its stake in shares of 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 increased its stake in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after purchasing an additional 118 shares in the last quarter. Golden State Wealth Management LLC increased its stake in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after purchasing an additional 310 shares in the last quarter. Finally, Zions Bancorporation National Association UT purchased a new stake in shares of State Street in the 1st quarter worth $46,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares of the company’s stock, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on STT shares. TD Cowen started coverage on State Street in a research note on Thursday, September 25th. They issued a “buy” rating for the company. Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $115.00 to $130.00 in a research note on Friday, September 5th. Truist Financial upped their price objective on State Street from $125.00 to $133.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Bank of America upped their price objective on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $122.83.

State Street Trading Down 5.3%

Shares of State Street stock opened at $111.03 on Friday. The company has a market capitalization of $31.50 billion, a P/E ratio of 12.43, a P/E/G ratio of 1.21 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The company has a fifty day moving average of $113.23 and a 200 day moving average of $102.22. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.24.

State Street (NYSE:STT) last issued its earnings results 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. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior 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, sell-side analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This is a boost from State Street’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. State Street’s payout ratio is currently 37.63%.

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.