Amundi Lowers Position in State Street Corporation $STT

Amundi trimmed its position in shares of State Street Corporation (NYSE:STT) by 10.5% during the first quarter, HoldingsChannel reports. The fund owned 1,039,350 shares of the asset manager’s stock after selling 121,559 shares during the quarter. Amundi’s holdings in State Street were worth $131,540,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of STT. Wilkerson Advisory Group LLC purchased a new position in shares of State Street in the 4th quarter valued at about $29,000. JPL Wealth Management LLC purchased a new position in shares of State Street during the 3rd quarter worth approximately $29,000. Phillip James Consulting Co. acquired a new position in shares of State Street in the fourth quarter worth $30,000. Whipplewood Advisors LLC acquired a new position in State Street in the 1st quarter valued at about $34,000. Finally, Reflection Asset Management acquired a new position in shares of State Street in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares of the company’s stock, valued at $6,781,829.78. This trade represents a 3.46% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 49,576 shares of company stock valued at $8,415,875. Insiders own 0.27% of the company’s stock.

State Street Stock Performance

Shares of STT opened at $184.60 on Friday. The business’s fifty day moving average price is $171.96 and its 200 day moving average price is $147.71. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.57. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $192.51. The stock has a market capitalization of $51.09 billion, a PE ratio of 16.28, a price-to-earnings-growth ratio of 0.76 and a beta of 1.42.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.State Street’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.04 earnings per share. Equities research analysts forecast that State Street Corporation will post 13.68 EPS for the current year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a $0.92 dividend. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. State Street’s payout ratio is 29.63%.

Analysts Set New Price Targets

Several research firms recently commented on STT. 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 note on Friday, July 17th. The Goldman Sachs Group boosted their price objective on shares of State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada increased their price target on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a report on Friday, July 17th. Barclays increased their target price on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Finally, Bank of America lifted their price target on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $184.72.

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.