Fintel reports that BlackRock has filed a 13G/A form with the SEC disclosing ownership of 27.70MM shares of State Street Corp (STT). This represents 7.5% of the company.
In their previous filing dated February 7, 2022 they reported 27.65MM shares and 7.60% of the company, an increase in shares of 0.18% and a decrease in total ownership of 0.10% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 0.70% Upside
As of February 7, 2023, the average one-year price target for State Street is $91.36. The forecasts range from a low of $76.76 to a high of $121.80. The average price target represents an increase of 0.70% from its latest reported closing price of $90.73.
The projected annual revenue for State Street is $12,448MM, an increase of 2.64%. The projected annual EPS is $8.40, an increase of 15.33%.
Fund Sentiment
There are 1702 funds or institutions reporting positions in State Street. This is a decrease of 16 owner(s) or 0.93%.
Average portfolio weight of all funds dedicated to US:STT is 0.3040%, an increase of 6.3998%. Total shares owned by institutions increased in the last three months by 0.23% to 407,268K shares.
What are large shareholders doing?
Dodge & Cox holds 22,053,429 shares representing 6.32% ownership of the company. In it's prior filing, the firm reported owning 22,260,604 shares, representing a decrease of 0.94%. The firm increased its portfolio allocation in STT by 6.97% over the last quarter.
DODGX - Dodge & Cox Stock Fund holds 15,597,100 shares representing 4.47% ownership of the company. In it's prior filing, the firm reported owning 15,566,600 shares, representing an increase of 0.20%. The firm increased its portfolio allocation in STT by 6.42% over the last quarter.
Price T Rowe Associates holds 13,929,437 shares representing 3.99% ownership of the company. In it's prior filing, the firm reported owning 15,850,107 shares, representing a decrease of 13.79%. The firm increased its portfolio allocation in STT by 12.40% over the last quarter.
Ameriprise Financial holds 12,323,845 shares representing 3.53% ownership of the company. In it's prior filing, the firm reported owning 11,682,489 shares, representing an increase of 5.20%. The firm decreased its portfolio allocation in STT by 79.78% over the last quarter.
Bank Of America holds 11,114,149 shares representing 3.18% ownership of the company. In it's prior filing, the firm reported owning 10,803,268 shares, representing an increase of 2.80%. The firm decreased its portfolio allocation in STT by 73.05% over the last quarter.
State Street Declares $0.63 Dividend
State Street said on December 15, 2022 that its board of directors declared a regular quarterly dividend of $0.63 per share ($2.52 annualized). Shareholders of record as of December 30, 2022 received the payment on January 13, 2023. Previously, the company paid $0.63 per share.
At the current share price of $90.73 / share, the stock's dividend yield is 2.78%. Looking back five years and taking a sample every week, the average dividend yield has been 2.85%, the lowest has been 1.54%, and the highest has been 4.81%. The standard deviation of yields is 0.61 (n=236).
The current dividend yield is 0.12 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.32. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.21%, demonstrating that it has increased its dividend over time.
State Street Background Information
(This description is provided by the company.)
State Street Corporation is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management andinvestment researchand trading. With $33.52 trillion in assets under custody and/or administration and $3.05 trillion* in assets under management as of June 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
