State of New Jersey Common Pension Fund D Sells 11,720 Shares of State Street Corporation $STT

Key Points

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State of New Jersey Common Pension Fund D reduced its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 11.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,547 shares of the asset manager's stock after selling 11,720 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in State Street were worth $8,107,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC purchased a new stake in shares of State Street during the fourth quarter worth about $296,000. Rockefeller Capital Management L.P. lifted its holdings in State Street by 5.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 26,052 shares of the asset manager's stock worth $2,552,000 after buying an additional 1,421 shares during the period. Forum Financial Management LP lifted its holdings in State Street by 5.5% in the fourth quarter. Forum Financial Management LP now owns 4,483 shares of the asset manager's stock worth $440,000 after buying an additional 232 shares during the period. First Trust Advisors LP lifted its holdings in State Street by 8.7% in the fourth quarter. First Trust Advisors LP now owns 656,374 shares of the asset manager's stock worth $64,423,000 after buying an additional 52,380 shares during the period. Finally, Curi RMB Capital LLC purchased a new stake in State Street in the fourth quarter worth about $207,000. 87.44% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on STT shares. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. The Goldman Sachs Group lifted their target price on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Evercore ISI lifted their target price on shares of State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a report on Wednesday, July 2nd. Truist Financial lifted their target price on shares of State Street from $116.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, August 14th. Finally, Wells Fargo & Company lifted their target price on shares of State Street from $113.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.82.

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 990 shares of the business's 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 in the company, valued at $4,517,174.28. The trade was a 2.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.29% of the stock is currently owned by company insiders.

State Street Stock Performance

Shares of STT stock traded up $3.0010 during mid-day trading on Friday, reaching $115.3610. 1,671,126 shares of the company's stock traded hands, compared to its average volume of 2,069,797. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $115.65. The firm has a 50 day moving average price of $108.00 and a two-hundred day moving average price of $97.36. 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 $32.73 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.10 and a beta of 1.48.

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 declared a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.9%. 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 presently 34.04%.

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.