Amalgamated Bank Decreases Stock Holdings in State Street Co. (NYSE:STT)

Amalgamated Bank trimmed its position in State Street Co. (NYSE:STTGet Rating) by 6.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 92,083 shares of the asset manager’s stock after selling 6,524 shares during the quarter. Amalgamated Bank’s holdings in State Street were worth $8,022,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in State Street by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 34,410,077 shares of the asset manager’s stock valued at $2,997,806,000 after purchasing an additional 146,048 shares during the period. BlackRock Inc. increased its position in State Street by 0.3% during the 1st quarter. BlackRock Inc. now owns 27,730,795 shares of the asset manager’s stock valued at $2,415,908,000 after purchasing an additional 83,222 shares during the period. State Street Corp increased its position in State Street by 0.5% during the 1st quarter. State Street Corp now owns 18,658,100 shares of the asset manager’s stock valued at $1,636,022,000 after purchasing an additional 85,863 shares during the period. JPMorgan Chase & Co. increased its position in State Street by 1.8% during the 1st quarter. JPMorgan Chase & Co. now owns 12,847,141 shares of the asset manager’s stock valued at $1,119,244,000 after purchasing an additional 222,718 shares during the period. Finally, Invesco Ltd. increased its position in State Street by 36.4% during the 1st quarter. Invesco Ltd. now owns 9,955,009 shares of the asset manager’s stock valued at $867,281,000 after purchasing an additional 2,654,101 shares during the period. 89.17% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Performance

Shares of State Street stock opened at $70.10 on Friday. The stock has a market cap of $25.77 billion, a price-to-earnings ratio of 9.71, a PEG ratio of 1.24 and a beta of 1.60. The firm’s 50-day moving average is $69.60 and its 200 day moving average is $72.48. State Street Co. has a 1 year low of $58.79 and a 1 year high of $104.87. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.53 and a quick ratio of 0.53.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Monday, October 3rd will be paid a $0.63 dividend. This is a boost from State Street’s previous quarterly dividend of $0.57. The ex-dividend date is Friday, September 30th. This represents a $2.52 dividend on an annualized basis and a yield of 3.59%. State Street’s payout ratio is presently 31.58%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Royal Bank of Canada reduced their price objective on shares of State Street from $90.00 to $80.00 in a research report on Tuesday, June 14th. Piper Sandler reduced their target price on shares of State Street from $78.00 to $75.00 and set a “neutral” rating on the stock in a research report on Friday, July 1st. UBS Group reduced their target price on shares of State Street from $101.00 to $91.00 in a research report on Monday, July 11th. Wells Fargo & Company reduced their target price on shares of State Street from $95.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Friday, July 1st. Finally, Morgan Stanley reduced their target price on shares of State Street from $106.00 to $86.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 6th. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, State Street has a consensus rating of “Hold” and an average price target of $84.81.

State Street Company Profile

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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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

See Also

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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