Thompson Investment Management Inc. Sells 4,663 Shares of State Street Corporation $STT

Key Points

• Thompson Investment Management Inc. reduced its stake in State Street Corporation by 6.7% during the second quarter, now holding 64,863 shares valued at approximately $6.9 million.
• State Street Corporation recently declared a quarterly dividend increase to $0.84, representing a 2.9% yield based on an annualized payout of $3.36.
• Analyst ratings have shifted positively for State Street, with upgrades to a "moderate buy" and an increase in the target price from $109 to $130 by Goldman Sachs Group.

Thompson Investment Management Inc. cut its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 6.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 64,863 shares of the asset manager's stock after selling 4,663 shares during the period. Thompson Investment Management Inc.'s holdings in State Street were worth $6,898,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Eastern Bank boosted its position 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 valued at $267,646,000 after purchasing an additional 2,947,153 shares in the last quarter. Nuveen LLC purchased a new stake in State Street during the first quarter valued at approximately $93,016,000. Invesco Ltd. lifted its position in State Street by 9.0% during the first quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager's stock valued at $732,775,000 after acquiring an additional 674,120 shares during the last quarter. Miller Howard Investments Inc. NY acquired a new stake in State Street in the first quarter valued at approximately $42,504,000. Finally, Allianz Asset Management GmbH grew its holdings in State Street by 404.7% in the first quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager's stock worth $52,469,000 after purchasing an additional 469,936 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

State Street Trading Up 0.5%

Shares of NYSE:STT opened at $117.24 on Friday. The company has a market capitalization of $33.26 billion, a PE ratio of 13.13, a PEG ratio of 1.20 and a beta of 1.46. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $118.24. The business has a 50 day moving average of $113.18 and a two-hundred day moving average of $102.09. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09.

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, beating the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. During the same period in the previous year, the business posted $2.15 EPS. The business's revenue was up 2.9% compared to the same quarter last year. As a group, analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently declared 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 of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is 37.63%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on STT shares. Cfra Research raised State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Bank of America upped their target price on State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. TD Cowen began coverage on State Street in a research report on Thursday, September 25th. They set a "buy" rating for the company. The Goldman Sachs Group increased their price objective on State Street from $109.00 to $130.00 and gave the company a "buy" rating in a report on Monday. Finally, Zacks Research raised State Street from a "hold" rating to a "strong-buy" rating in a report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $122.83.

Insiders Place Their Bets

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.29% of the company's stock.

State Street Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.