Eastern Bank Decreases Holdings in State Street Corporation $STT

Eastern Bank trimmed its holdings in shares of State Street Corporation (NYSE:STT) by 98.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 41,238 shares of the asset manager’s stock after selling 2,948,214 shares during the quarter. Eastern Bank’s holdings in State Street were worth $4,385,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in STT. Nuveen LLC purchased a new stake in shares of State Street during the 1st quarter valued at about $93,016,000. Invesco Ltd. raised its position in shares of State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock valued at $732,775,000 after buying an additional 674,120 shares in the last quarter. Miller Howard Investments Inc. NY purchased a new stake in shares of State Street during the 1st quarter valued at about $42,504,000. Allianz Asset Management GmbH raised its position in shares of State Street by 404.7% during the 1st quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager’s stock valued at $52,469,000 after buying an additional 469,936 shares in the last quarter. Finally, Panagora Asset Management Inc. raised its position in shares of State Street by 5,058.7% during the 1st quarter. Panagora Asset Management Inc. now owns 465,673 shares of the asset manager’s stock valued at $41,692,000 after buying an additional 456,646 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Stock Performance

Shares of NYSE:STT opened at $111.03 on Friday. The firm has a market cap of $31.50 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 1.21 and a beta of 1.46. The firm’s 50 day simple moving average is $113.23 and its 200-day simple moving average is $102.22. State Street Corporation has a one year low of $72.81 and a one year high of $118.24. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. The business 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 company’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period last year, the company posted $2.15 earnings per share. As a group, equities analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given 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 boost from State Street’s previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street’s dividend payout ratio is 37.63%.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the topic of several recent research reports. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 3rd. TD Cowen started coverage on shares of State Street in a research report on Thursday, September 25th. They issued a “buy” rating on the stock. The Goldman Sachs Group increased 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. Morgan Stanley reissued an “overweight” rating and issued a $162.00 price objective on shares of State Street in a research report on Monday, September 29th. Finally, Evercore ISI increased 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. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.83.

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.