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

Key Points

• Cinctive Capital Management LP sold 22,987 shares of State Street Corporation, reducing its holdings by 35.4% to 41,882 shares worth approximately $3.75 million.
• State Street recently announced a quarterly dividend increase to $0.84 per share, up from $0.76, representing an annualized yield of 3.0%.
• Analysts are optimistic about State Street, with several raising their target prices for the stock, resulting in a majority of ratings being Buy or Outperform.

Cinctive Capital Management LP cut its position in State Street Corporation (NYSE:STT - Free Report) by 35.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 41,882 shares of the asset manager's stock after selling 22,987 shares during the period. Cinctive Capital Management LP's holdings in State Street were worth $3,750,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Invesco Ltd. grew its holdings in State Street by 9.0% during the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock worth $732,775,000 after acquiring an additional 674,120 shares during the period. Northern Trust Corp boosted its holdings in State Street by 2.8% during the first quarter. Northern Trust Corp now owns 4,264,161 shares of the asset manager's stock worth $381,770,000 after buying an additional 115,751 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in State Street by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,068,867 shares of the asset manager's stock worth $274,732,000 after buying an additional 14,011 shares in the last quarter. Eastern Bank boosted its holdings in State Street by 6,967.4% during 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. Finally, Price T Rowe Associates Inc. MD boosted its holdings in State Street by 16.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,696,326 shares of the asset manager's stock worth $241,403,000 after buying an additional 387,196 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Performance

Shares of State Street stock opened at $112.83 on Thursday. State Street Corporation has a one year low of $72.81 and a one year high of $116.37. The company has a market cap of $32.01 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 1.13 and a beta of 1.50. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The business's 50 day moving average price is $110.71 and its 200 day moving average price is $98.34.

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

State Street Increases Dividend

The firm also recently announced 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 represents a $3.36 annualized dividend and a yield of 3.0%. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's payout ratio is 37.63%.

Analyst Ratings Changes

STT has been the topic of several research reports. Evercore ISI raised their target price on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Citigroup raised their target price on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Morgan Stanley raised their target price on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Truist Financial raised their target price on State Street from $116.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, August 14th. Finally, Wells Fargo & Company raised their target price on State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $112.82.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by company insiders.

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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