Gamco Investors INC. ET AL Lowers Position in State Street Corporation $STT

Key Points

• Gamco Investors INC. ET AL reduced its stake in State Street Corporation by 2.2%, selling 12,826 shares, which now represents approximately 0.20% of the company, valued at $51.1 million.
• State Street plans to pay a quarterly dividend of $0.84 on October 14th, an increase from the previous $0.76 per share, resulting in an annualized dividend yield of 2.9%.
• Goldman Sachs and other brokerages have recently raised their price targets for State Street, with Goldman increasing it from $98.00 to $111.00 and giving it a "buy" rating, contributing to a consensus rating of "Moderate Buy."

Gamco Investors INC. ET AL lowered its holdings in State Street Corporation (NYSE:STT - Free Report) by 2.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 570,846 shares of the asset manager's stock after selling 12,826 shares during the period. Gamco Investors INC. ET AL owned approximately 0.20% of State Street worth $51,108,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Assetmark Inc. increased its position in shares of State Street by 61.9% during the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock valued at $84,000 after purchasing an additional 357 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of State Street by 1.6% during the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock valued at $30,387,000 after purchasing an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of State Street by 127.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after purchasing an additional 17,201 shares during the last quarter. Index Fund Advisors Inc. bought a new position in shares of State Street during the 1st quarter valued at about $505,000. Finally, Bank of New York Mellon Corp increased its position in shares of State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock valued at $195,764,000 after purchasing an additional 123,259 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

State Street Trading Down 0.5%

STT opened at $114.93 on Tuesday. The business has a 50 day moving average of $108.73 and a 200-day moving average of $97.55. The stock has a market cap of $32.61 billion, a PE ratio of 12.87, a PEG ratio of 1.13 and a beta of 1.48. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $115.87. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

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

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is 37.63%.

Insider Activity at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of State Street 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 completion of the sale, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. This trade represents 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. Insiders own 0.29% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on STT. The Goldman Sachs Group increased their price objective on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Truist Financial raised their price target on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, August 14th. Bank of America raised their price target on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company raised their price target on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $112.82.

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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