Ballentine Partners LLC Trims Stake in State Street Corporation $STT

Ballentine Partners LLC cut its stake in State Street Corporation (NYSE:STT) by 39.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,136 shares of the asset manager’s stock after selling 5,219 shares during the period. Ballentine Partners LLC’s holdings in State Street were worth $865,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Assetmark Inc. lifted its stake in shares of State Street by 61.9% in the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager’s stock valued at $84,000 after purchasing an additional 357 shares during the period. Principal Financial Group Inc. lifted its position in State Street by 1.6% during the first quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager’s stock valued at $30,387,000 after buying an additional 5,242 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of State Street by 127.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager’s stock valued at $2,728,000 after buying an additional 17,201 shares in the last quarter. Index Fund Advisors Inc. purchased a new stake in shares of State Street in the 1st quarter worth about $505,000. Finally, Bank of New York Mellon Corp increased its stake in shares of State Street by 6.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager’s stock worth $195,764,000 after acquiring an additional 123,259 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Cfra Research raised shares of State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Truist Financial upped their price target on State Street from $116.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, August 14th. Evercore ISI raised their price objective on State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. Morgan Stanley boosted their target price on State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a report on Tuesday, July 1st. Finally, TD Cowen assumed coverage on State Street in a research note on Thursday. They issued a “buy” rating on the stock. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, State Street presently has an average rating of “Moderate Buy” and a consensus price target of $114.18.

State Street Trading Up 1.1%

State Street stock opened at $114.20 on Friday. State Street Corporation has a one year low of $72.81 and a one year high of $116.37. The business’s fifty day moving average is $112.18 and its 200 day moving average is $100.17. The stock has a market capitalization of $32.40 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 1.10 and a beta of 1.50. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. The business had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.State Street’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.15 EPS. On average, sell-side analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors 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 yield of 2.9%. This is a positive change from State Street’s previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street’s payout ratio is currently 34.04%.

Insider Transactions at State Street

In related 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 value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares in the company, 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 document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

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.