State Street Corporation $STT Shares Sold by Total Clarity Wealth Management Inc.

Key Points

• Total Clarity Wealth Management Inc. has reduced its stake in State Street Corporation by 56.0%, now owning 2,913 shares worth approximately $310,000.
• Recent analyst upgrades have increased price targets for State Street, with projections ranging from $121.00 to $133.00, reflecting a consensus of "Moderate Buy" rating.
• State Street announced an increase in its quarterly dividend from $0.76 to $0.84, representing an annualized basis of $3.36 and a yield of 2.9%.

Total Clarity Wealth Management Inc. cut its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 56.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,913 shares of the asset manager's stock after selling 3,714 shares during the quarter. Total Clarity Wealth Management Inc.'s holdings in State Street were worth $310,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in STT. Brighton Jones LLC acquired a new position in shares of State Street during the 4th quarter worth $296,000. GAMMA Investing LLC grew its stake in shares of State Street by 14.7% during the 1st quarter. GAMMA Investing LLC now owns 3,674 shares of the asset manager's stock worth $329,000 after purchasing an additional 472 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of State Street by 10.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 11,400 shares of the asset manager's stock worth $1,021,000 after purchasing an additional 1,125 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of State Street by 58.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 52,383 shares of the asset manager's stock worth $4,690,000 after purchasing an additional 19,377 shares during the period. Finally, Exchange Traded Concepts LLC grew its stake in shares of State Street by 15.1% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,804 shares of the asset manager's stock worth $162,000 after purchasing an additional 237 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on STT shares. Truist Financial boosted their price objective on shares of State Street from $125.00 to $133.00 and gave the stock a "buy" rating in a research report on Thursday, October 2nd. The Goldman Sachs Group boosted their price objective on shares of State Street from $109.00 to $130.00 and gave the stock a "buy" rating in a research report on Monday, October 6th. Wells Fargo & Company boosted their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Evercore ISI boosted their price objective on shares of State Street from $117.00 to $128.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 30th. Finally, Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, State Street presently has an average rating of "Moderate Buy" and an average price target of $122.83.

Insider Transactions at State Street

In other news, EVP Michael L. Richards sold 990 shares of the company'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 completion of the transaction, the executive vice president owned 41,332 shares of the company's stock, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.29% of the company's stock.

State Street Price Performance

NYSE:STT opened at $114.27 on Tuesday. The firm has a market cap of $32.42 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The company's 50-day moving average is $113.32 and its two-hundred day moving average is $102.54. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $118.24.

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, 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%. The firm's quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.15 EPS. Research analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a $0.84 dividend. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. State Street's payout ratio is currently 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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