Amalgamated Bank trimmed its position in State Street Co. (NYSE:STT – Get Rating) by 6.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt increased its holdings in State Street by 51.8% in the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 3,812 shares of the asset manager’s stock worth $332,000 after acquiring an additional 1,300 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in State Street by 59.8% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 64,493 shares of the asset manager’s stock valued at $5,619,000 after buying an additional 24,124 shares in the last quarter. City State Bank grew its holdings in State Street by 42.9% during the 1st quarter. City State Bank now owns 500 shares of the asset manager’s stock valued at $44,000 after buying an additional 150 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in State Street by 136.9% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,696 shares of the asset manager’s stock valued at $148,000 after buying an additional 980 shares in the last quarter. Finally, Advisory Services Network LLC grew its holdings in State Street by 2.5% during the 1st quarter. Advisory Services Network LLC now owns 13,642 shares of the asset manager’s stock valued at $1,187,000 after buying an additional 334 shares in the last quarter. 89.17% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
STT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut their price objective on shares of State Street from $82.00 to $74.50 in a report on Monday, July 11th. Piper Sandler cut their price objective on shares of State Street from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, July 1st. Morgan Stanley lowered their target price on State Street from $106.00 to $86.00 and set an “overweight” rating for the company in a research report on Wednesday, July 6th. Wells Fargo & Company lowered their target price on State Street from $95.00 to $71.00 and set an “equal weight” rating for the company in a research report on Friday, July 1st. Finally, Deutsche Bank Aktiengesellschaft increased their target price on State Street from $67.00 to $74.00 in a research report on Friday, August 12th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus target price of $84.81.
State Street Stock Down 1.8 %
State Street Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 13th. Stockholders of record on Monday, October 3rd will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.59%. This is an increase from State Street’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Friday, September 30th. State Street’s dividend payout ratio (DPR) is 31.58%.
About State Street
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.
- Get a free copy of the StockNews.com research report on State Street (STT)
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