Citizens Financial Group Inc. RI Invests $1.74 Million in State Street Corporation $STT

Citizens Financial Group Inc. RI purchased a new stake in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 10,254 shares of the asset manager’s stock, valued at approximately $1,739,000.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in State Street during the 2nd quarter valued at about $4,139,389,000. Regents of The University of California lifted its position in shares of State Street by 211.2% in the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares during the period. Norges Bank purchased a new stake in shares of State Street in the 4th quarter worth approximately $303,483,000. Bank of New York Mellon Corp bought a new position in shares of State Street during the second quarter valued at approximately $301,393,000. Finally, Pinebridge Investments LLC purchased a new position in State Street during the fourth quarter valued at approximately $178,705,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the business’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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 49,576 shares of company stock valued at $8,415,875 in the last ninety days. Company insiders own 0.27% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on STT. Truist Financial reissued a “hold” rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. Morgan Stanley raised their price target on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Finally, Evercore set a $200.00 price objective on shares of State Street in a research note on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Trading Up 0.9%

Shares of NYSE:STT opened at $193.48 on Tuesday. The business’s 50-day moving average is $178.29 and its 200 day moving average is $152.35. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $195.18. The firm has a market capitalization of $53.15 billion, a P/E ratio of 17.06, a P/E/G ratio of 0.79 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59.

State Street (NYSE:STT) last announced its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. 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 firm posted $2.04 EPS. State Street’s revenue was up 23.3% on a year-over-year basis. On average, research analysts predict that State Street Corporation will post 13.75 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 13th. Investors of record on Thursday, October 1st will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is currently 29.63%.

About State Street

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.