State Street Corporation $STT Shares Sold by Invenomic Capital Management LP

Key Points

• Invenomic Capital Management LP has reduced its stake in State Street Corporation by 58.7%, now holding a total of 81,449 shares worth approximately $7.29 million.
• State Street reported earnings of $2.53 per share, surpassing expectations, and experienced a revenue increase of 2.9% year-over-year, reaching $3.47 billion.
• The company announced a quarterly dividend increase to $0.84 per share, representing a yield of 2.9%, up from the previous $0.76.

Invenomic Capital Management LP reduced its holdings in State Street Corporation (NYSE:STT - Free Report) by 58.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,449 shares of the asset manager's stock after selling 115,936 shares during the period. Invenomic Capital Management LP's holdings in State Street were worth $7,292,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of STT. Eastern Bank lifted its stake in shares of State Street by 6,967.4% in the first quarter. Eastern Bank now owns 2,989,452 shares of the asset manager's stock worth $267,646,000 after buying an additional 2,947,153 shares in the last quarter. Nuveen LLC purchased a new position in shares of State Street in the first quarter worth about $93,016,000. Invesco Ltd. lifted its stake in shares of State Street by 9.0% in the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock worth $732,775,000 after buying an additional 674,120 shares in the last quarter. Miller Howard Investments Inc. NY purchased a new position in shares of State Street in the first quarter worth about $42,504,000. Finally, Allianz Asset Management GmbH lifted its stake in shares of State Street by 404.7% in the first quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager's stock worth $52,469,000 after buying an additional 469,936 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Down 0.9%

Shares of STT traded down $1.07 during trading on Friday, reaching $112.99. 2,598,760 shares of the company traded hands, compared to its average volume of 1,584,270. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $116.37. The stock has a market cap of $32.06 billion, a PE ratio of 12.65, a price-to-earnings-growth ratio of 1.11 and a beta of 1.50. The stock has a 50-day simple moving average of $111.02 and a 200-day simple moving average of $98.51. 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 results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. During the same period last year, the business earned $2.15 earnings per share. The business's revenue for the quarter was up 2.9% on a year-over-year basis. On average, analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on STT shares. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. The Goldman Sachs Group raised their price objective on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Citigroup upgraded shares of State Street from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $115.00 to $130.00 in a research report on Friday. Evercore ISI raised their price objective on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 2nd. Finally, Morgan Stanley raised their price objective on shares of State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.18.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred 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 transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.