State Street Corporation $STT Shares Sold by Amundi

Key Points

• Amundi has reduced its stake in State Street Corporation by 21.8%, selling 1,223,075 shares, leaving it with 4,379,472 shares valued at approximately $363.5 million.
• State Street recently announced a quarterly dividend increase to $0.84, representing a 3.0% yield, with the previous dividend being $0.76.
• Equities analysts have shown positive sentiment, with firms like Wells Fargo and Evercore ISI raising their price targets, indicating a consensus rating of "Moderate Buy."

Amundi decreased its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 21.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,379,472 shares of the asset manager's stock after selling 1,223,075 shares during the period. Amundi owned 1.54% of State Street worth $363,544,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. First Pacific Financial acquired a new position in State Street during the first quarter worth approximately $25,000. Capital Analysts LLC increased its position in State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after purchasing an additional 274 shares during the last quarter. Larson Financial Group LLC increased its position in State Street by 40.8% during the first 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. Golden State Wealth Management LLC increased its position in State Street by 186.7% during the first 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, Minot DeBlois Advisors LLC acquired a new position in State Street during the fourth quarter worth approximately $49,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wells Fargo & Company upped their price target on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Bank of America boosted 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. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Evercore ISI boosted their price objective on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Truist Financial boosted their price objective on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a research note on Thursday, August 14th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $112.82.

State Street Price Performance

Shares of STT stock opened at $112.83 on Thursday. The company has a market capitalization of $32.01 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 1.13 and a beta of 1.50. The firm has a fifty day simple moving average of $110.71 and a 200-day simple moving average of $98.34. 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 twelve month low of $72.81 and a twelve month high of $116.37.

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

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's payout ratio is currently 37.63%.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company's 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 transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.29% of the company's stock.

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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