Candriam S.C.A. Cuts Stock Holdings in State Street Corporation $STT

Candriam S.C.A. lessened its holdings in State Street Corporation (NYSE:STT) by 13.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 52,201 shares of the asset manager’s stock after selling 8,006 shares during the period. Candriam S.C.A.’s holdings in State Street were worth $6,607,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Nordea Investment Management AB increased its position in State Street by 15.4% in the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock valued at $367,041,000 after acquiring an additional 377,568 shares during the period. Clean Yield Group boosted its position in State Street by 8,247.4% during the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock worth $2,477,000 after acquiring an additional 18,969 shares during the period. Concurrent Investment Advisors LLC bought a new position in shares of State Street in the fourth quarter worth $1,959,000. IFM Investors Pty Ltd grew its stake in shares of State Street by 9.7% in the first quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock worth $10,699,000 after purchasing an additional 7,469 shares in the last quarter. Finally, Heritage Family Offices LLP acquired a new position in shares of State Street during the fourth quarter valued at $1,220,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Michael L. Richards sold 1,500 shares of State Street 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 owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the sale, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. The trade was a 12.94% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 37,876 shares of company stock valued at $5,866,583 over the last ninety days. 0.27% of the stock is owned by insiders.

State Street Stock Performance

STT stock opened at $178.06 on Tuesday. The firm has a 50 day simple moving average of $163.03 and a 200 day simple moving average of $142.70. State Street Corporation has a 52 week low of $101.98 and a 52 week high of $183.32. The stock has a market cap of $49.28 billion, a P/E ratio of 18.06, a P/E/G ratio of 0.93 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57.

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

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st were given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Wednesday, July 1st. State Street’s dividend payout ratio is currently 34.08%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on STT. Evercore set a $186.00 target price on shares of State Street and gave the company an “outperform” rating in a research report on Monday, July 6th. Wells Fargo & Company upped their price target on shares of State Street from $171.00 to $196.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 24th. Royal Bank Of Canada increased their price objective on shares of State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a report on Monday, April 20th. Argus boosted their target price on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Finally, JPMorgan Chase & Co. upped their target price 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 equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $173.91.

State Street Company 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.