Lbp Am Sa Sells 12,025 Shares of State Street Corporation $STT

Key Points

• Lbp Am Sa has reduced its holdings in State Street Corporation by 17.1%, selling 12,025 shares during the second quarter, leaving it with 58,348 shares valued at approximately $6.2 million.
• The firm recently declared a quarterly dividend of $0.84 per share, an increase from the previous $0.76, with a corresponding yield of 3.0%.
• Analysts have shown optimism for State Street's stock, with several institutions raising their price targets, including Evercore ISI and Goldman Sachs, both setting targets at $128.00.

Lbp Am Sa lessened its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 17.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 58,348 shares of the asset manager's stock after selling 12,025 shares during the quarter. Lbp Am Sa's holdings in State Street were worth $6,205,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Invesco Ltd. raised its position 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 valued at $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% in the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock valued at $381,770,000 after purchasing an additional 115,751 shares during the period. Dimensional Fund Advisors LP raised its position in shares of 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 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 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 shares of 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. Institutional investors own 87.44% of the company's stock.

Insiders Place Their Bets

In other State Street 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 transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at $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 available at this link. 0.29% of the stock is owned by corporate insiders.

State Street Trading Down 2.2%

Shares of State Street stock opened at $113.43 on Thursday. The company's fifty day simple moving average is $112.68 and its 200-day simple moving average is $101.00. The company has a market cap of $32.18 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 1.13 and a beta of 1.46. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $118.06.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping 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 firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the previous year, the company earned $2.15 earnings per share. The business's revenue was up 2.9% compared to the same quarter last year. As a group, sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

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

Wall Street Analysts Forecast Growth

STT has been the topic of a number of recent analyst reports. Evercore ISI lifted their price target on shares of State Street from $117.00 to $128.00 and gave the company an "outperform" rating in a research report on Tuesday. The Goldman Sachs Group set a $128.00 price target on shares of State Street in a research report on Tuesday. TD Cowen began coverage on shares of State Street in a research report on Thursday, September 25th. They issued a "buy" rating on the stock. 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 note on Friday, September 5th. Finally, Bank of America raised their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research note on Wednesday, July 16th. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $121.27.

About State Street

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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