Amundi Raises Stake in State Street Corporation $STT

Amundi boosted its stake in State Street Corporation (NYSE:STT - Free Report) by 13.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,176,033 shares of the asset manager's stock after purchasing an additional 136,683 shares during the quarter. Amundi owned approximately 0.43% of State Street worth $199,455,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. HighTower Advisors LLC grew its position in shares of State Street by 1.5% during the 2nd quarter. HighTower Advisors LLC now owns 60,383 shares of the asset manager's stock valued at $10,241,000 after purchasing an additional 906 shares in the last quarter. Advus Financial Partners LLC bought a new position in shares of State Street in the second quarter worth $252,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of State Street in the second quarter worth $51,363,000. California State Teachers Retirement System raised its position in shares of State Street by 16,194.0% in the second quarter. California State Teachers Retirement System now owns 76,843,386 shares of the asset manager's stock worth $13,032,638,000 after buying an additional 76,371,782 shares in the last quarter. Finally, Wedmont Private Capital boosted its stake in State Street by 4.0% during the second quarter. Wedmont Private Capital now owns 6,906 shares of the asset manager's stock valued at $1,245,000 after buying an additional 264 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Buying and Selling at State Street

In other State Street news, CEO Ronald O’Hanley sold 14,553 shares of the stock in a transaction 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 completion of the sale, the chief executive officer owned 240,959 shares of the company's stock, valued at $44,377,419.03. This represents a 5.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Hu sold 9,758 shares of the firm'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 completion of the sale, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.27% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 21st. The Goldman Sachs Group upped their price objective on shares of State Street from $168.00 to $194.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. Barclays raised their target price on shares of State Street from $165.00 to $200.00 and gave the company an "equal weight" rating in a research note on Friday, July 17th. Weiss Ratings reissued a "buy (b+)" rating on shares of State Street in a research note on Tuesday, August 25th. Finally, Wells Fargo & Company raised their price target on State Street from $196.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $185.38.

State Street Stock Down 1.2%

Shares of NYSE:STT opened at $191.97 on Wednesday. The stock has a market capitalization of $52.73 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 0.92 and a beta of 1.41. The stock's 50-day moving average price is $185.45 and its 200-day moving average price is $159.20. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.93.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating analysts' consensus estimates of $3.34 by $0.31. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the company posted $2.04 EPS. State Street's revenue for the quarter was up 23.3% on a year-over-year basis. On average, equities analysts anticipate that State Street Corporation will post 13.75 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 13th. Investors of record on Thursday, October 1st will be issued a dividend of $0.92 per share. The ex-dividend date is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. This is an increase from State Street's previous quarterly dividend of $0.84. State Street's dividend payout ratio (DPR) is currently 32.45%.

About State Street

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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