State Street Corporation (NYSE:STT) Shares Sold by Private Management Group Inc.

Key Points

• Private Management Group Inc. reduced its stake in State Street Corporation by 1.9%, holding 443,435 shares valued at approximately $39.7 million, making it their 10th largest position.
• State Street has recently announced an increase in its quarterly dividend from $0.76 to $0.84, resulting in an annualized dividend of $3.36 and a yield of 3.03%.
• Several analysts have revised their price targets for State Street, with Bank of America setting a target of $109.00 and Evercore ISI rating it as an “outperform” with a target of $115.00.

Private Management Group Inc. trimmed its position in State Street Corporation (NYSE:STT - Free Report) by 1.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 443,435 shares of the asset manager's stock after selling 8,663 shares during the period. State Street accounts for approximately 1.4% of Private Management Group Inc.'s investment portfolio, making the stock its 10th biggest holding. Private Management Group Inc. owned about 0.15% of State Street worth $39,701,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Wilkins Investment Counsel Inc. grew its position in State Street by 2.7% during the 1st quarter. Wilkins Investment Counsel Inc. now owns 14,950 shares of the asset manager's stock worth $1,338,000 after purchasing an additional 400 shares during the period. Assetmark Inc. grew its position in State Street by 61.9% during the 1st quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock worth $84,000 after purchasing an additional 357 shares during the period. Cetera Investment Advisers grew its position in State Street by 0.6% during the 1st quarter. Cetera Investment Advisers now owns 43,293 shares of the asset manager's stock worth $3,876,000 after purchasing an additional 270 shares during the period. Avantax Advisory Services Inc. grew its position in State Street by 4.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 11,777 shares of the asset manager's stock worth $1,054,000 after purchasing an additional 469 shares during the period. Finally, Machina Capital S.A.S. acquired a new stake in State Street during the 1st quarter worth about $1,678,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on STT. Wells Fargo & Company increased their price target on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods cut their price target on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a research report on Monday, April 21st. Truist Financial cut their price target on State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Citigroup raised their target price on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Morgan Stanley raised their target price on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a research report on Tuesday, July 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, State Street presently has an average rating of "Hold" and an average target price of $112.00.

State Street Price Performance

STT traded down $0.65 during trading on Monday, reaching $112.28. The company's stock had a trading volume of 641,349 shares, compared to its average volume of 2,139,709. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a fifty day simple moving average of $102.60 and a two-hundred day simple moving average of $95.65. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $113.72. The company has a market cap of $32.02 billion, a price-to-earnings ratio of 12.57, a PEG ratio of 1.25 and a beta of 1.45.

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

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is presently 34.04%.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company's stock, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer directly owned 7,354 shares in the company, valued at approximately $667,154.88. The trade was a 15.02% decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by insiders.

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.