Credit Agricole S A Acquires 16,257 Shares of State Street Corporation $STT

Key Points

• Credit Agricole S A has increased its stake in State Street Corporation by 15.4%, now holding 121,723 shares valued at approximately $10.9 million.
• State Street recently declared a quarterly dividend of $0.84 per share, a rise from the previous $0.76, yielding around 3.0% annually.
• Analysts have adjusted their price targets for State Street's stock, with some raising it to as high as $121, reflecting a generally positive outlook.

Credit Agricole S A boosted its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 15.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 121,723 shares of the asset manager's stock after purchasing an additional 16,257 shares during the quarter. Credit Agricole S A's holdings in State Street were worth $10,898,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. First Pacific Financial bought a new position in State Street in the 1st quarter valued at $25,000. Larson Financial Group LLC lifted its stake in shares of 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 purchasing an additional 118 shares during the last quarter. Coppell Advisory Solutions LLC lifted its stake in shares of State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock worth $42,000 after purchasing an additional 412 shares during the last quarter. Golden State Wealth Management LLC lifted its stake in shares of 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 purchasing an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. increased its position in State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after buying an additional 251 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Stock Up 0.5%

Shares of State Street stock opened at $111.7460 on Thursday. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $114.28. The business has a 50-day moving average of $107.70 and a 200-day moving average of $97.26. The company has a market capitalization of $31.70 billion, a PE ratio of 12.51, a P/E/G ratio of 1.09 and a beta of 1.48.

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

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders 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 annualized dividend and a dividend yield of 3.0%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is presently 34.04%.

Analysts Set New Price Targets

Several analysts recently commented on STT shares. Evercore ISI raised their target price on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Bank of America raised their target price on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Morgan Stanley lifted their price objective on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research note on Tuesday, July 1st. Citigroup lifted their target price on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company lifted their price target on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $112.82.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the sale, the executive vice president 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.29% of the stock is currently owned by corporate insiders.

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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