State Street Corporation $STT Shares Sold by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC reduced its stake in State Street Corporation (NYSE: STT) by 1.0%, now owning 479,898 shares valued at approximately $42.97 million.
• State Street's stock has had several analysts adjusting their price targets, with a current average target of $112.82 and a majority rating of "Moderate Buy".
• The company announced an increase in its quarterly dividend to $0.84, reflecting a yield of 2.9%, set to be paid on October 14th.

Gabelli Funds LLC lowered its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 1.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 479,898 shares of the asset manager's stock after selling 5,050 shares during the period. Gabelli Funds LLC owned 0.17% of State Street worth $42,965,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in STT. Brighton Jones LLC acquired a new stake in shares of State Street during the fourth quarter valued at $296,000. MML Investors Services LLC boosted its stake in shares of State Street by 5.9% during the fourth quarter. MML Investors Services LLC now owns 11,895 shares of the asset manager's stock valued at $1,168,000 after acquiring an additional 659 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in shares of State Street by 6.9% during the fourth quarter. OneDigital Investment Advisors LLC now owns 3,259 shares of the asset manager's stock valued at $320,000 after acquiring an additional 209 shares during the last quarter. MGO One Seven LLC acquired a new stake in shares of State Street during the fourth quarter valued at $247,000. Finally, Integrated Wealth Concepts LLC boosted its stake in shares of State Street by 6.9% during the fourth quarter. Integrated Wealth Concepts LLC now owns 7,539 shares of the asset manager's stock valued at $740,000 after acquiring an additional 488 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Analysts Set New Price Targets

STT has been the topic of several recent analyst reports. Bank of America increased their target price on State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Evercore ISI raised their price objective on State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. Wells Fargo & Company raised their price objective on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Morgan Stanley raised their price objective on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a report on Tuesday, July 1st. Finally, The Goldman Sachs Group lifted their target price on State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $112.82.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 990 shares of the business'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 sale, the executive vice president directly owned 41,332 shares of the company's stock, 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 document filed with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by insiders.

State Street Trading Down 0.5%

State Street stock opened at $114.93 on Tuesday. The stock has a market cap of $32.61 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 1.13 and a beta of 1.48. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $115.87. The business has a 50 day moving average price of $108.73 and a two-hundred day moving average price of $97.55. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

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

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio (DPR) is presently 37.63%.

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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