Ballentine Partners LLC Trims Stake in State Street Corporation $STT

Key Points

• Ballentine Partners LLC decreased its stake in State Street Corporation by 39.1%, selling 5,219 shares to hold a total of 8,136 shares, valued at approximately $865,000.
• State Street recently increased its quarterly dividend to $0.84 per share, marking an annualized dividend of $3.36 and a yield of 2.9%.
• Research analysts have upgraded State Street’s stock ratings, with most recent targets ranging from $109.00 to $130.00, indicating optimism for the company's future performance.

Ballentine Partners LLC reduced its holdings in State Street Corporation (NYSE:STT - Free Report) by 39.1% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,136 shares of the asset manager's stock after selling 5,219 shares during the quarter. Ballentine Partners LLC's holdings in State Street were worth $865,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Brighton Jones LLC bought a new position in shares of State Street in the fourth quarter worth approximately $296,000. GTS Securities LLC grew its stake in State Street by 123.6% in the 4th quarter. GTS Securities LLC now owns 2,750 shares of the asset manager's stock worth $270,000 after buying an additional 14,381 shares in the last quarter. Integrated Advisors Network LLC bought a new position in shares of State Street in the 4th quarter worth $207,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of State Street in the 4th quarter worth $30,624,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of State Street by 14.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 33,006 shares of the asset manager's stock valued at $3,240,000 after buying an additional 4,220 shares in the last quarter. Institutional investors own 87.44% of the company's stock.

State Street Trading Up 1.1%

Shares of STT opened at $114.20 on Friday. The stock has a market capitalization of $32.40 billion, a P/E ratio of 12.79, a PEG ratio of 1.10 and a beta of 1.50. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $116.37. 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 fifty day simple moving average of $112.18 and a two-hundred day simple moving average of $100.17.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company's quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.15 earnings per share. On average, research analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is 34.04%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on STT shares. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Bank of America upped their price objective on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Morgan Stanley raised their price objective on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Evercore ISI boosted their target price on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Citigroup upgraded shares of State Street from a "neutral" rating to a "buy" rating and increased their price target for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $114.18.

Insider Activity

In other 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 transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.29% of the company's stock.

State Street Company 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.

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