Pictet Asset Management Holding SA Sells 21,200 Shares of State Street Corporation $STT

Key Points

• Pictet Asset Management reduced its stake in State Street by 10.9%, selling 21,200 shares and ending the quarter with 174,121 shares worth $22.46 million.
• Company insiders sold 28,711 shares over the last quarter—including COO Mostapha Tahiri (9,611 shares) and EVP John Plansky (16,100 shares)—totaling about $3.93 million in sales and leaving insiders with 0.27% ownership.
• State Street beat Q1 estimates with EPS of $2.84 (vs. $2.64) and revenue of $3.80B (vs. $3.59B), and analysts hold a Moderate Buy consensus with an average target of $154 and individual targets up to $175.

Pictet Asset Management Holding SA lowered its stake in State Street Corporation (NYSE:STT - Free Report) by 10.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 174,121 shares of the asset manager's stock after selling 21,200 shares during the quarter. Pictet Asset Management Holding SA owned about 0.06% of State Street worth $22,463,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC bought a new stake in State Street during the 4th quarter worth approximately $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager's stock worth $2,885,000 after acquiring an additional 918 shares during the period. NewEdge Advisors LLC lifted its position in State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager's stock valued at $913,000 after acquiring an additional 5,226 shares in the last quarter. Empowered Funds LLC increased its holdings in State Street by 220.1% during the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager's stock worth $2,065,000 after purchasing an additional 15,996 shares in the last quarter. Finally, Woodline Partners LP increased its holdings in State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager's stock worth $2,182,000 after purchasing an additional 6,767 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on STT shares. Loop Capital set a $144.00 target price on State Street in a research note on Tuesday, January 6th. Truist Financial lifted their price objective on shares of State Street from $136.00 to $150.00 and gave the company a "hold" rating in a report on Monday, April 20th. Barclays set a $165.00 price objective on shares of State Street in a research report on Monday, April 20th. Keefe, Bruyette & Woods increased their target price on shares of State Street from $157.00 to $175.00 and gave the stock an "outperform" rating in a report on Monday, April 20th. Finally, Citigroup initiated coverage on shares of State Street in a research note on Monday, February 23rd. They issued a "buy" rating and a $150.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, State Street currently has an average rating of "Moderate Buy" and a consensus target price of $154.00.

Insider Buying and Selling

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the sale, the chief operating officer directly owned 64,642 shares in the company, valued at $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John Plansky sold 16,100 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the sale, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 28,711 shares of company stock worth $3,933,032. Company insiders own 0.27% of the company's stock.

State Street Trading Up 1.3%

Shares of State Street stock opened at $152.71 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.61. The business has a fifty day simple moving average of $132.73 and a two-hundred day simple moving average of $127.18. State Street Corporation has a 1 year low of $87.22 and a 1 year high of $156.18. The company has a market capitalization of $42.31 billion, a price-to-earnings ratio of 15.49, a P/E/G ratio of 0.83 and a beta of 1.37.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business's revenue was up 15.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.04 earnings per share. Research analysts forecast that State Street Corporation will post 12.31 EPS for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street's dividend payout ratio is 34.08%.

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.

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