Candriam S.C.A. Sells 8,006 Shares of State Street Corporation $STT

Candriam S.C.A. reduced its stake in State Street Corporation (NYSE:STT) by 13.3% during the 1st quarter, HoldingsChannel reports. The fund owned 52,201 shares of the asset manager’s stock after selling 8,006 shares during the quarter. Candriam S.C.A.’s holdings in State Street were worth $6,607,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC grew its holdings in shares of State Street by 22.3% during the first quarter. Sequoia Financial Advisors LLC now owns 19,420 shares of the asset manager’s stock worth $2,458,000 after buying an additional 3,544 shares in the last quarter. Hsbc Holdings PLC raised its position in State Street by 23.4% in the 1st quarter. Hsbc Holdings PLC now owns 926,161 shares of the asset manager’s stock valued at $117,166,000 after buying an additional 175,742 shares during the last quarter. Whipplewood Advisors LLC bought a new stake in State Street in the 1st quarter valued at approximately $34,000. First Horizon Corp lifted its stake in State Street by 171,411.1% in the 1st quarter. First Horizon Corp now owns 30,872 shares of the asset manager’s stock valued at $3,907,000 after acquiring an additional 30,854 shares in the last quarter. Finally, Ibex Wealth Advisors acquired a new position in State Street during the 1st quarter worth approximately $642,000. Institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of a number of recent research reports. Truist Financial increased their price objective on shares of State Street from $150.00 to $176.00 and gave the stock a “hold” rating in a research note on Friday, June 26th. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Argus increased their price target on State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, April 21st. Weiss Ratings upgraded State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Finally, JPMorgan Chase & Co. boosted their price target on State Street from $158.50 to $176.50 and gave the stock a “neutral” rating in a research report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $173.91.

Insider Activity at State Street

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the transaction, the chief executive officer directly owned 255,512 shares in the company, valued at approximately $39,693,789.20. This represents a 5.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm’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 directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This represents a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 37,876 shares of company stock worth $5,866,583. Corporate insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $178.06 on Tuesday. The firm has a market cap of $49.28 billion, a P/E ratio of 18.06, a price-to-earnings-growth ratio of 0.93 and a beta of 1.42. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 1-year low of $101.98 and a 1-year high of $183.32. The business’s 50 day moving average is $163.03 and its 200-day moving average is $142.70.

State Street (NYSE:STT) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the prior year, the business posted $2.04 EPS. The business’s revenue was up 15.6% compared to the same quarter last year. Equities research analysts predict that State Street Corporation will post 12.75 earnings per share for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st were given a $0.84 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 1.9%. State Street’s dividend payout ratio (DPR) is currently 34.08%.

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.