State Street Corporation (NYSE:STT) Shares Sold by Kentucky Retirement Systems Insurance Trust Fund

Kentucky Retirement Systems Insurance Trust Fund cut its stake in State Street Corporation (NYSE:STT - Free Report) by 45.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,514 shares of the asset manager's stock after selling 7,032 shares during the period. Kentucky Retirement Systems Insurance Trust Fund's holdings in State Street were worth $762,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Burt Wealth Advisors increased its stake in State Street by 10.0% during the first quarter. Burt Wealth Advisors now owns 3,300 shares of the asset manager's stock valued at $295,000 after purchasing an additional 300 shares during the last quarter. Stonegate Investment Group LLC bought a new stake in State Street during the first quarter valued at $487,000. Cantor Fitzgerald Investment Advisors L.P. bought a new stake in State Street during the first quarter valued at $6,052,000. ORG Wealth Partners LLC bought a new stake in State Street during the first quarter valued at $93,000. Finally, Johnson Investment Counsel Inc. increased its stake in State Street by 101.2% during the first quarter. Johnson Investment Counsel Inc. now owns 6,759 shares of the asset manager's stock valued at $605,000 after purchasing an additional 3,400 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the sale, the chief accounting officer now directly owns 7,354 shares of the company's stock, valued at approximately $667,154.88. This represents a 15.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by corporate insiders.

State Street Price Performance

Shares of NYSE:STT opened at $102.95 on Wednesday. State Street Corporation has a 12 month low of $71.96 and a 12 month high of $103.99. The stock has a market cap of $29.36 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 1.18 and a beta of 1.44. The stock's 50 day moving average price is $93.92 and its 200 day moving average price is $94.09. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.79% and a net margin of 12.85%. The firm had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.30 billion. During the same quarter in the previous year, the company earned $1.69 earnings per share. Equities research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be issued a dividend of $0.76 per share. The ex-dividend date is Tuesday, July 1st. This represents a $3.04 annualized dividend and a yield of 2.95%. State Street's payout ratio is 34.12%.

Analyst Ratings Changes

STT has been the subject of several recent research reports. Keefe, Bruyette & Woods lowered their target price on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. The Goldman Sachs Group set a $98.00 target price on shares of State Street and gave the company a "buy" rating in a research note on Thursday, April 17th. Truist Financial upgraded shares of State Street from a "hold" rating to a "buy" rating and boosted their target price for the company from $85.00 to $112.00 in a research note on Wednesday, May 28th. Citigroup lowered their target price on shares of State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Finally, Wall Street Zen lowered shares of State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $102.54.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.