Cypress Capital Group Sells 140 Shares of State Street Corporation $STT

Cypress Capital Group lessened its position in shares of State Street Corporation (NYSE:STT) by 0.9% in the second quarter, HoldingsChannel reports. The fund owned 14,964 shares of the asset manager’s stock after selling 140 shares during the period. Cypress Capital Group’s holdings in State Street were worth $1,591,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Assetmark Inc. boosted its holdings in shares of State Street by 61.9% during the first quarter. Assetmark Inc. now owns 934 shares of the asset manager’s stock worth $84,000 after acquiring an additional 357 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of State Street by 1.6% during the first quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager’s stock worth $30,387,000 after acquiring 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 first quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager’s stock worth $2,728,000 after acquiring an additional 17,201 shares during the period. Index Fund Advisors Inc. bought a new stake in shares of State Street during the first quarter worth approximately $505,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of State Street by 6.0% during the first 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 during the period. Institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Bank of America boosted their price target on State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research note on Wednesday, July 16th. Cfra Research upgraded State Street from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, July 15th. Wells Fargo & Company boosted their price target on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Zacks Research upgraded State Street from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Finally, Citigroup upgraded State Street from a “neutral” rating to a “buy” rating and boosted their price target for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $122.83.

State Street Stock Down 5.3%

NYSE STT opened at $111.03 on Monday. The business has a fifty day moving average price of $113.23 and a two-hundred day moving average price of $102.36. 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 Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.24. The stock has a market capitalization of $31.50 billion, a PE ratio of 12.43, a PEG ratio of 1.14 and a beta of 1.46.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The firm had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.33 billion. During the same period in the prior year, the company earned $2.15 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. Equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. The ex-dividend date is Wednesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a yield of 3.0%. State Street’s dividend payout ratio is currently 37.63%.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This represents a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by insiders.

State Street Company Profile

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.