Alliancebernstein L.P. Sells 75,247 Shares of State Street Corporation $STT

Key Points

• Alliancebernstein L.P. has reduced its holdings in State Street Corporation by 16.4%, selling 75,247 shares and now owning 383,765 shares, valued at approximately $34.36 million.
• Several research analysts, including Citigroup and Wells Fargo, have upgraded State Street's stock ratings, with price targets ranging from $114.00 to $130.00, indicating strong investor confidence.
• State Street announced an increase in its quarterly dividend from $0.76 to $0.84, reflecting a positive change and a yield of 3.0% for investors.

Alliancebernstein L.P. decreased its position in shares of State Street Corporation (NYSE:STT - Free Report) by 16.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 383,765 shares of the asset manager's stock after selling 75,247 shares during the quarter. Alliancebernstein L.P. owned approximately 0.13% of State Street worth $34,358,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. First Pacific Financial acquired a new stake in shares of State Street during the 1st quarter valued at $25,000. Capital Analysts LLC lifted its holdings in State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after buying an additional 274 shares during the period. Larson Financial Group LLC lifted its holdings in State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares during the period. Golden State Wealth Management LLC lifted its holdings in State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after buying an additional 310 shares during the period. Finally, Minot DeBlois Advisors LLC acquired a new position in State Street during the 4th quarter worth about $49,000. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Down 0.5%

State Street stock traded down $0.54 during midday trading on Friday, reaching $112.40. The stock had a trading volume of 1,068,213 shares, compared to its average volume of 1,686,478. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $116.37. The company has a market capitalization of $31.89 billion, a P/E ratio of 12.59, a PEG ratio of 1.10 and a beta of 1.50. The company has a fifty day moving average price of $111.35 and a two-hundred day moving average price of $98.98. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same period in the previous year, the company posted $2.15 EPS. The firm's revenue was up 2.9% compared to the same quarter last year. As a group, equities analysts expect 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. Investors of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is presently 37.63%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Truist Financial lifted their target price on 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 target price on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Citigroup raised State Street from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $115.00 to $130.00 in a report on Friday, September 5th. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Finally, Wells Fargo & Company lifted their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $114.18.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.29% of the stock is owned by insiders.

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.