Ameriprise Financial Inc. Trims Stock Holdings in State Street Corporation $STT

Key Points

• Ameriprise Financial Inc. has reduced its holdings in State Street Corporation by 8.8%, now owning 2,394,321 shares worth approximately $214.36 million.
• Several investors, including Invesco and Northern Trust, have increased their stakes in State Street, with Eastern Bank notably increasing its stake by 6,967.4%.
• State Street has declared a quarterly dividend increase to $0.84 per share, with a payout ratio of 37.63%, reflecting a yield of 2.9%.

Ameriprise Financial Inc. decreased its holdings in State Street Corporation (NYSE:STT - Free Report) by 8.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,394,321 shares of the asset manager's stock after selling 231,023 shares during the period. Ameriprise Financial Inc. owned 0.84% of State Street worth $214,364,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Invesco Ltd. increased its stake in shares of State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock worth $732,775,000 after purchasing an additional 674,120 shares in the last quarter. Northern Trust Corp increased its stake in shares of State Street by 2.8% in the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock worth $381,770,000 after purchasing an additional 115,751 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of State Street by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock worth $274,732,000 after purchasing an additional 14,011 shares in the last quarter. Eastern Bank increased its stake in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock worth $267,646,000 after purchasing an additional 2,947,153 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of State Street by 16.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,696,326 shares of the asset manager's stock worth $241,403,000 after purchasing an additional 387,196 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were 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 in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.29% of the stock is owned by corporate insiders.

State Street Trading Up 2.7%

NYSE:STT opened at $115.3610 on Friday. The company has a fifty day moving average of $108.38 and a 200 day moving average of $97.47. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $115.65. 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 has a market capitalization of $32.73 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.10 and a beta of 1.48.

State Street (NYSE:STT - Get Free Report) last posted its quarterly 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 net margin of 12.59% and a return on equity of 12.96%. The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. During the same period in the prior year, the business posted $2.15 EPS. The firm's revenue was up 2.9% compared to the same quarter last year. On average, research analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is currently 37.63%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. The Goldman Sachs Group lifted their target price on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Morgan Stanley lifted their target price on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Bank of America boosted their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $112.82.

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.

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