Allianz Asset Management GmbH Sells 209,282 Shares of State Street Corporation $STT

Allianz Asset Management GmbH decreased its holdings in State Street Corporation (NYSE:STT) by 37.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 352,495 shares of the asset manager’s stock after selling 209,282 shares during the period. Allianz Asset Management GmbH owned about 0.12% of State Street worth $40,893,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. True Wealth Design LLC lifted its holdings in State Street by 166.3% during the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after buying an additional 158 shares in the last quarter. Flagship Wealth Advisors LLC bought a new stake in shares of State Street during the third quarter valued at approximately $35,000. SJS Investment Consulting Inc. raised its stake in shares of State Street by 2,142.9% during the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of State Street by 38.2% in the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 94 shares during the period. Finally, City Holding Co. bought a new position in State Street in the third quarter worth approximately $47,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Down 2.5%

NYSE:STT opened at $128.72 on Friday. The company’s 50-day simple moving average is $128.74 and its 200-day simple moving average is $119.11. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $137.05. The stock has a market capitalization of $35.95 billion, a P/E ratio of 13.68, a P/E/G ratio of 1.16 and a beta of 1.43.

State Street (NYSE:STT) last posted its earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.57 billion. During the same quarter in the prior year, the company posted $2.60 earnings per share. State Street’s revenue for the quarter was up 7.5% compared to the same quarter last year. On average, equities analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 12th. Investors of record on Friday, January 2nd were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, January 2nd. State Street’s payout ratio is 35.71%.

Analyst Ratings Changes

STT has been the subject of a number of research analyst reports. Loop Capital set a $144.00 target price on State Street in a research report on Tuesday, January 6th. Morgan Stanley lowered their price objective on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Citigroup increased their target price on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, December 30th. Truist Financial set a $136.00 target price on shares of State Street in a research report on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

State Street 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.