Choreo LLC Cuts Stake in State Street Corporation (NYSE:STT)

Choreo LLC lessened its stake in State Street Corporation (NYSE:STT - Free Report) by 24.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,972 shares of the asset manager's stock after selling 7,908 shares during the period. Choreo LLC's holdings in State Street were worth $2,236,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in State Street during the fourth quarter valued at $161,021,000. Price T Rowe Associates Inc. MD raised its position in State Street by 236.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock valued at $226,642,000 after purchasing an additional 1,622,408 shares in the last quarter. FMR LLC grew its stake in shares of State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock valued at $685,441,000 after buying an additional 870,849 shares during the last quarter. Azora Capital LP bought a new position in shares of State Street during the fourth quarter valued at about $80,294,000. Finally, Northern Trust Corp grew its stake in shares of State Street by 15.7% in the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after purchasing an additional 563,790 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Michael L. Richards sold 990 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the transaction, the chief accounting officer directly owned 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is owned by corporate insiders.

State Street Stock Performance

Shares of STT stock traded up $0.37 during mid-day trading on Thursday, reaching $111.02. 1,999,777 shares of the company's stock traded hands, compared to its average volume of 2,346,665. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $111.61. The firm has a 50 day moving average price of $102.31 and a two-hundred day moving average price of $95.57. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market capitalization of $31.66 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 1.23 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the previous year, the firm posted $2.15 EPS. The company's revenue for the quarter was up 2.9% compared to the same quarter last year. On average, research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 3.03%. The ex-dividend date is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is 34.04%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. Morgan Stanley lifted their target price on shares of State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. 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 report on Tuesday, July 8th. Truist Financial decreased their price objective on shares of State Street from $122.00 to $116.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Finally, Barclays decreased their price objective on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $112.00.

State Street Company 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.