State Street Corporation $STT Shares Sold by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC reduced its stake in State Street Corporation by 15.9%, now owning 34,837 shares valued at approximately $3.12 million.
• State Street recently declared a dividend of $0.84 per share, representing an increase from the previous dividend of $0.76, with a current dividend yield of 3.0%.
• Analysts have varied opinions on State Street, with Citigroup upgrading their rating to "buy" and increasing their price target from $115 to $130.

Intech Investment Management LLC lessened its stake in State Street Corporation (NYSE:STT - Free Report) by 15.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 34,837 shares of the asset manager's stock after selling 6,582 shares during the period. Intech Investment Management LLC's holdings in State Street were worth $3,119,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in STT. First Pacific Financial purchased a new position in State Street in the 1st quarter valued at approximately $25,000. Capital Analysts LLC lifted its position in shares of State Street by 3,914.3% during the 1st 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 lifted its position in shares of State Street by 40.8% during the 1st 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 lifted its position in shares of State Street by 186.7% during the 1st 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, MV Capital Management Inc. lifted its position in shares of State Street by 98.4% during the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after purchasing an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Activity

In other news, EVP Michael L. Richards sold 990 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.29% of the stock is currently owned by company insiders.

State Street Trading Down 0.5%

NYSE STT opened at $112.40 on Friday. 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 firm has a market cap of $31.89 billion, a PE ratio of 12.59, a P/E/G ratio of 1.10 and a beta of 1.50. State Street Corporation has a one year low of $72.81 and a one year high of $116.37. The firm's fifty day moving average is $111.35 and its two-hundred day moving average is $98.99.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. State Street's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.15 earnings per share. Analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.0%. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is presently 37.63%.

Analysts Set New Price Targets

Several research firms have recently issued reports on STT. Bank of America lifted their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a research report on Wednesday, July 16th. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and boosted their price target for the company from $115.00 to $130.00 in a research report on Friday, September 5th. Evercore ISI boosted their price target on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company boosted their price target on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Morgan Stanley boosted their price target on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $114.18.

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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