State Street Corporation $STT Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its State Street position by 7.6%, selling 131,754 shares and retaining 1.59 million shares worth approximately $201.6 million. Institutional investors collectively own 87.44% of STT.
• Analysts remain broadly positive, with State Street receiving a “Moderate Buy” consensus rating and an average price target of $185.38; several firms recently raised targets to between $210 and $215.
• State Street exceeded quarterly earnings and revenue expectations, reporting $3.65 EPS and $4.05 billion in revenue. The company also raised its quarterly dividend to $0.92 per share, equivalent to a 2.0% annual yield.

Bank of America Corp DE lessened its position in shares of State Street Corporation (NYSE:STT - Free Report) by 7.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,592,735 shares of the asset manager's stock after selling 131,754 shares during the quarter. Bank of America Corp DE owned approximately 0.58% of State Street worth $201,577,000 at the end of the most recent quarter.

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

Insider Activity

In other news, EVP Michael L. Richards sold 1,500 shares of the business's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of the 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 completion of the transaction, the chief executive officer directly owned 240,959 shares of the company's stock, valued at $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 49,576 shares of company stock valued at $8,415,875. Insiders own 0.27% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on STT. Zacks Research raised State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 21st. Argus boosted their price objective on shares of State Street from $140.00 to $168.00 and gave the company a "buy" rating in a research note on Tuesday, April 21st. Keefe, Bruyette & Woods increased their target price on shares of State Street from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Friday, July 17th. Wells Fargo & Company raised their price objective on State Street from $196.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Finally, Citigroup boosted their target price on shares of State Street from $193.00 to $210.00 and gave the stock a "buy" rating in a research report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, State Street presently has an average rating of "Moderate Buy" and an average price target of $185.38.

State Street Trading Up 0.9%

NYSE:STT opened at $185.35 on Wednesday. The company has a market cap of $50.92 billion, a PE ratio of 16.34, a P/E/G ratio of 0.76 and a beta of 1.41. The business's 50 day moving average is $173.09 and its two-hundred day moving average is $148.53. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $192.51.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the firm earned $2.04 earnings per share. The firm's revenue for the quarter was up 23.3% compared to the same quarter last year. On average, analysts predict that State Street Corporation will post 13.68 EPS for the current year.

State Street Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. 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. State Street's dividend payout ratio is presently 29.63%.

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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