Amundi Decreases Stake in State Street Corporation $STT

Amundi trimmed its position in State Street Corporation (NYSE:STT) by 76.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,044,807 shares of the asset manager’s stock after selling 3,334,665 shares during the quarter. Amundi owned about 0.37% of State Street worth $112,062,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in STT. Nordea Investment Management AB boosted its stake in State Street by 2.2% in the second quarter. Nordea Investment Management AB now owns 2,273,567 shares of the asset manager’s stock valued at $241,862,000 after acquiring an additional 49,475 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in State Street by 0.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,891,862 shares of the asset manager’s stock worth $169,378,000 after purchasing an additional 16,926 shares during the period. Inspire Trust Co. N.A. grew its position in State Street by 25.8% during the 1st quarter. Inspire Trust Co. N.A. now owns 45,000 shares of the asset manager’s stock worth $4,029,000 after purchasing an additional 9,224 shares during the last quarter. Achmea Investment Management B.V. grew its stake in shares of State Street by 3.8% in the 2nd quarter. Achmea Investment Management B.V. now owns 246,361 shares of the asset manager’s stock valued at $26,198,000 after purchasing an additional 9,101 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of State Street by 7.8% in the 2nd quarter. American Century Companies Inc. now owns 378,489 shares of the asset manager’s stock worth $40,249,000 after acquiring an additional 27,425 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of a number of analyst reports. BMO Capital Markets initiated coverage on shares of State Street in a research report on Friday, October 3rd. They issued an “outperform” rating and a $130.00 price objective for the company. Wells Fargo & Company upped their price objective on State Street from $121.00 to $129.00 and gave the stock an “overweight” rating in a report on Monday, October 20th. Morgan Stanley increased their target price on State Street from $162.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 20th. Evercore ISI boosted their price target on State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Finally, Truist Financial cut their price objective on State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $125.92.

State Street Trading Up 1.5%

NYSE:STT opened at $123.64 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The company has a market cap of $34.53 billion, a PE ratio of 13.08, a P/E/G ratio of 1.14 and a beta of 1.44. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $124.21. The business’s 50 day moving average is $116.44 and its two-hundred day moving average is $110.73.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping analysts’ consensus estimates of $2.57 by $0.21. State Street had a net margin of 13.14% and a return on equity of 13.37%. The business had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter last year, the company earned $2.26 EPS. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. On average, analysts predict that State Street Corporation will post 9.68 EPS for the current year.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president owned 38,626 shares of the company’s stock, valued at $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

State Street 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.