Total Clarity Wealth Management Inc. Cuts Stake in State Street Corporation $STT

Total Clarity Wealth Management Inc. reduced its stake in shares of State Street Corporation (NYSE:STT) by 56.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 2,913 shares of the asset manager’s stock after selling 3,714 shares during the period. Total Clarity Wealth Management Inc.’s holdings in State Street were worth $310,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of STT. Brighton Jones LLC purchased a new position in shares of State Street during the 4th quarter worth about $296,000. GAMMA Investing LLC lifted its position in State Street by 14.7% during the first quarter. GAMMA Investing LLC now owns 3,674 shares of the asset manager’s stock valued at $329,000 after buying an additional 472 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in State Street by 10.9% during the first quarter. Assenagon Asset Management S.A. now owns 11,400 shares of the asset manager’s stock worth $1,021,000 after buying an additional 1,125 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in State Street by 58.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 52,383 shares of the asset manager’s stock worth $4,690,000 after buying an additional 19,377 shares during the period. Finally, Exchange Traded Concepts LLC grew its stake in State Street by 15.1% during the first quarter. Exchange Traded Concepts LLC now owns 1,804 shares of the asset manager’s stock worth $162,000 after buying an additional 237 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by company insiders.

State Street Stock Up 2.9%

Shares of NYSE:STT opened at $114.27 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $118.24. The company has a 50 day moving average of $113.32 and a two-hundred day moving average of $102.54. The company has a market capitalization of $32.42 billion, a price-to-earnings ratio of 12.80, a price-to-earnings-growth ratio of 1.14 and a beta of 1.46.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%.The business’s revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.15 EPS. As a group, analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.9%. This is a boost from State Street’s previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street’s dividend payout ratio (DPR) is 37.63%.

Analysts Set New Price Targets

STT has been the subject of several research reports. Bank of America boosted their price objective on shares of State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. Wells Fargo & Company boosted their price objective on shares of State Street from $113.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. BMO Capital Markets started coverage on shares of State Street in a research note on Friday, October 3rd. They set an “outperform” rating and a $130.00 price objective for the company. Finally, The Goldman Sachs Group increased their price objective on shares of State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, State Street currently has an average rating of “Moderate Buy” and an average target price of $122.83.

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.