State Street Corporation $STT Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its State Street stake by 18.8% in the second quarter, selling 7,599 shares and retaining 32,744 shares valued at $5.55 million. Institutional investors collectively own 87.44% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $185.38, while State Street shares recently opened at $187.22 after reaching a 52-week high of $192.51.
• State Street beat quarterly expectations with EPS of $3.65 and revenue of $4.05 billion, up 23.3% year over year. The company also raised its quarterly dividend to $0.92 per share, although insiders sold approximately $8.4 million of stock over the past 90 days.

Assenagon Asset Management S.A. lessened its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 18.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 32,744 shares of the asset manager's stock after selling 7,599 shares during the quarter. Assenagon Asset Management S.A.'s holdings in State Street were worth $5,553,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Wilkerson Advisory Group LLC acquired a new position in shares of State Street in the 4th quarter valued at $29,000. JPL Wealth Management LLC purchased a new stake in shares of State Street during the 3rd quarter valued at about $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street during the fourth quarter worth $30,000. Whipplewood Advisors LLC purchased a new position in State Street in the 1st quarter valued at about $34,000. Finally, Reflection Asset Management acquired a new stake in State Street during the 4th quarter valued at approximately $35,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of recent analyst reports. Truist Financial restated a "hold" rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. The Goldman Sachs Group lifted their price objective on shares of State Street from $168.00 to $194.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Evercore set a $200.00 price target on State Street in a report on Monday, July 20th. Royal Bank Of Canada boosted their target price on State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a report on Friday, July 17th. Finally, Barclays boosted their price target on shares of State Street from $165.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $185.38.

State Street Stock Performance

Shares of STT stock opened at $187.22 on Wednesday. The company has a market capitalization of $51.43 billion, a price-to-earnings ratio of 16.51, a P/E/G ratio of 0.77 and a beta of 1.41. State Street Corporation has a 1-year low of $104.64 and a 1-year high of $192.51. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The stock's fifty day simple moving average is $175.87 and its 200-day simple moving average is $150.54.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same period in the prior year, the firm earned $2.04 earnings per share. The firm's revenue was up 23.3% compared to the same quarter last year. On average, sell-side analysts predict that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be paid a dividend of $0.92 per share. This is a boost from State Street's previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. State Street's dividend payout ratio (DPR) is 29.63%.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the sale, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company's stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares of the company's stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 49,576 shares of company stock worth $8,415,875 over the last ninety days. 0.27% of the stock is currently owned by insiders.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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