Tidal Investments LLC Cuts Stock Holdings in State Street Corporation $STT

Tidal Investments LLC lessened its stake in State Street Corporation (NYSE:STT) by 28.6% during the second quarter, Holdings Channel reports. The firm owned 40,172 shares of the asset manager’s stock after selling 16,053 shares during the period. Tidal Investments LLC’s holdings in State Street were worth $6,780,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Philadelphia Investment Partners LLC purchased a new position in shares of State Street in the 2nd quarter worth $26,000. Bell Investment Advisors Inc purchased a new stake in State Street during the second quarter valued at about $28,000. Elevation Wealth Partners LLC grew its position in State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after acquiring an additional 106 shares during the period. Continuum Advisory LLC acquired a new stake in State Street during the second quarter worth about $30,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in State Street during the second quarter worth about $33,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of NYSE STT opened at $193.37 on Friday. 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 Corporation has a 1-year low of $104.64 and a 1-year high of $195.93. The company has a market capitalization of $53.12 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 0.92 and a beta of 1.41. The business has a 50-day moving average of $186.78 and a 200-day moving average of $160.33.

State Street (NYSE:STT) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company’s revenue was up 23.3% on a year-over-year basis. During the same period last year, the business posted $2.04 EPS. On average, equities analysts anticipate that State Street Corporation will post 13.76 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 1.9%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is 29.63%.

More State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: An analysis argues that State Street’s preferred shares offer an approximately 6.8% dividend yield, which could appeal to income-focused investors and highlight the company’s ability to support attractive capital returns. The article primarily concerns preferred securities, so the direct effect on STT common shares may be limited. State Street: 6.8% Preferred Dividend Yield Is Too Good To Ignore
• Positive Sentiment: State Street appointed Tim Helyar to lead its Asia-Pacific business effective September 10. The leadership change may support the company’s regional growth strategy in asset servicing and investment management, though no immediate financial impact was disclosed. State Street Corporation Announces Appointment of Tim Helyar to Head of Asia Pacific
• Neutral Sentiment: State Street and affiliated asset-management entities reported that their holdings fell below substantial-holder thresholds in IDP Education, Inghams Group, Sims, Breville Group, Greatland Resources, Amotiv, Austal, Elsight, Service Stream, and Smartgroup. These notices may reflect routine portfolio rebalancing, index changes, or client-driven trading; they do not necessarily represent a negative view of State Street or materially affect its earnings. State Street Ownership Disclosures
• Negative Sentiment: Harbor Mid Cap Value Fund trimmed its State Street position following the stock’s appreciation. The sale could create modest near-term supply and signals that at least one investor is taking profits, although it does not indicate a change in State Street’s fundamentals. Harbor Mid Cap Value Fund Trimmed State Street Following Appreciation

Wall Street Analyst Weigh In

Several research firms have recently weighed in on STT. Morgan Stanley lifted their price objective on State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Keefe, Bruyette & Woods raised their price target on shares of State Street from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Friday, July 17th. The Goldman Sachs Group lifted their price target on shares of State Street from $168.00 to $194.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, Citigroup increased their price objective on shares of State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

Insider Activity at State Street

In other news, CEO Ronald O’Hanley sold 14,553 shares of State Street stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the business’s stock in a transaction on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is owned by company insiders.

State Street Company Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.