Amundi trimmed its holdings in State Street Corporation (NYSE:STT – Free Report) by 10.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,039,350 shares of the asset manager’s stock after selling 121,559 shares during the quarter. Amundi owned about 0.38% of State Street worth $131,540,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the stock. Regents of The University of California lifted its position in shares of State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after buying an additional 5,908,370 shares during the last quarter. Norges Bank purchased a new position in shares of State Street in the 4th quarter valued at $303,483,000. Pinebridge Investments LLC acquired a new stake in State Street during the 4th quarter worth $178,705,000. Victory Capital Management Inc. raised its stake in State Street by 30.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after acquiring an additional 1,074,174 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in State Street by 261.0% in the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after acquiring an additional 880,507 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.
State Street Price Performance
Shares of NYSE:STT opened at $184.60 on Friday. The company has a 50-day simple moving average of $171.96 and a 200-day simple moving average of $147.71. State Street Corporation has a one year low of $104.64 and a one year high of $192.51. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. The stock has a market capitalization of $51.09 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 0.76 and a beta of 1.42.
State Street Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is 29.63%.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on STT shares. Bank of America upped their price objective on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. Citigroup lifted their target price on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Wells Fargo & Company upped their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Finally, The Goldman Sachs Group raised their price target on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $184.72.
Insiders Place Their Bets
In other State Street news, EVP W. Bradford Hu sold 9,758 shares of State Street stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 49,576 shares of company stock valued at $8,415,875. 0.27% of the stock is owned by company insiders.
State Street Profile
State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.
State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.
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