UMB Bank n.a. Reduces Stake in State Street Corporation $STT

UMB Bank n.a. lowered its holdings in State Street Corporation (NYSE:STT) by 9.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,051 shares of the asset manager’s stock after selling 221 shares during the quarter. UMB Bank n.a.’s holdings in State Street were worth $218,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Meeder Advisory Services Inc. increased its holdings in State Street by 2.0% during the 1st quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager’s stock worth $515,000 after acquiring an additional 114 shares during the period. Sequoia Financial Advisors LLC boosted its position in State Street by 2.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager’s stock valued at $395,000 after buying an additional 118 shares during the period. Larson Financial Group LLC raised its holdings in 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. Smartleaf Asset Management LLC raised its holdings in State Street by 5.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,257 shares of the asset manager’s stock worth $201,000 after purchasing an additional 126 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of State Street by 13.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager’s stock worth $104,000 after acquiring an additional 134 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Price Performance

State Street stock opened at $112.95 on Wednesday. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $116.37. The company has a market cap of $32.05 billion, a price-to-earnings ratio of 12.65, a PEG ratio of 1.11 and a beta of 1.50. 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 firm’s fifty day moving average is $111.88 and its 200 day moving average is $99.89.

State Street (NYSE:STT) last announced its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating 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 business had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the firm posted $2.15 earnings per share. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. Sell-side analysts forecast that State Street Corporation will post 9.68 EPS 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. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This is an increase from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street’s payout ratio is currently 34.04%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Evercore ISI increased their price target on shares of State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 2nd. Truist Financial raised their price objective on shares of State Street from $116.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, August 14th. Morgan Stanley lifted their price target on shares of State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a report on Tuesday, July 1st. Citigroup upgraded shares of State Street from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Finally, Bank of America upped their price target on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $114.18.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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.