BDF Gestion Decreases Stake in State Street Corporation $STT

Key Points

• BDF Gestion has reduced its stake in State Street Corporation by 9.8% during the second quarter, now holding 21,098 shares valued at approximately $2.24 million.
• State Street recently reported strong quarterly earnings with $2.53 earnings per share, exceeding expectations, and announced a dividend increase to $0.84 per share.
• Several institutional investors have modified their holdings, with services to improve their stake in State Street, reflecting confidence in the company's prospects and positioning.

BDF Gestion trimmed its holdings in State Street Corporation (NYSE:STT - Free Report) by 9.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,098 shares of the asset manager's stock after selling 2,300 shares during the quarter. BDF Gestion's holdings in State Street were worth $2,244,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Invesco Ltd. raised its stake in State Street by 9.0% during 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 during the period. Northern Trust Corp raised its position in shares of State Street by 2.8% during the 1st quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock valued at $381,770,000 after buying an additional 115,751 shares during the period. Dimensional Fund Advisors LP raised its position in 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 valued at $274,732,000 after purchasing an additional 14,011 shares during the period. Eastern Bank raised its position in State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock valued at $267,646,000 after purchasing an additional 2,947,153 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in State Street by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,713,415 shares of the asset manager's stock valued at $242,932,000 after purchasing an additional 49,353 shares during the period. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Stock Up 0.1%

State Street stock opened at $113.39 on Friday. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $116.37. The stock's fifty day simple moving average is $111.60 and its 200-day simple moving average is $99.52. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market capitalization of $32.17 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.11 and a beta of 1.50.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the prior year, the business earned $2.15 EPS. State Street's revenue was up 2.9% on a year-over-year basis. As a group, equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is a boost from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is currently 34.04%.

Insider Buying and Selling

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total value of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on STT shares. Bank of America boosted their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a report on Wednesday, July 16th. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and boosted their price target for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Truist Financial boosted their target price on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, August 14th. Morgan Stanley boosted their target price on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Finally, Wells Fargo & Company boosted their price objective on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, State Street has a consensus rating of "Moderate Buy" and a consensus target price of $114.18.

State Street 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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