Teacher Retirement System of Texas Sells 216,623 Shares of State Street Corporation (NYSE:STT)

Teacher Retirement System of Texas trimmed its stake in State Street Corporation (NYSE:STT - Free Report) by 50.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 211,760 shares of the asset manager's stock after selling 216,623 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.07% of State Street worth $18,959,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank bought a new position in State Street during the fourth quarter valued at $161,021,000. Price T Rowe Associates Inc. MD lifted its holdings 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 during the last quarter. FMR LLC boosted its position in State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after purchasing an additional 870,849 shares during the period. Azora Capital LP purchased a new position in shares of State Street in the fourth quarter worth about $80,294,000. Finally, Northern Trust Corp raised its position 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 valued at $407,166,000 after purchasing an additional 563,790 shares during the period. 87.44% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was 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 owned 7,354 shares of the company's stock, valued at $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.29% of the company's stock.

State Street Trading Up 0.7%

Shares of STT traded up $0.82 during trading hours on Friday, hitting $110.31. The company had a trading volume of 1,166,677 shares, compared to its average volume of 2,111,077. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. The stock's 50 day moving average price is $97.77 and its 200 day moving average price is $94.54. The firm has a market cap of $31.46 billion, a P/E ratio of 12.38, a P/E/G ratio of 1.28 and a beta of 1.45. State Street Corporation has a 52-week low of $72.65 and a 52-week high of $110.80.

State Street (NYSE:STT - Get Free Report) last issued 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. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. State Street had a net margin of 12.85% and a return on equity of 12.79%. During the same period in the previous year, the firm earned $1.69 earnings per share. On average, research analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.76%. State Street's dividend payout ratio is currently 34.12%.

Analysts Set New Price Targets

Several research firms have issued reports on STT. Bank of America increased their target price on State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 2nd. Wells Fargo & Company decreased their price objective on shares of State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Cfra Research lowered shares of State Street from a "moderate buy" rating to a "hold" rating in a research report on Thursday, May 29th. Truist Financial boosted their price target on shares of State Street from $112.00 to $122.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, The Goldman Sachs Group raised their price objective on shares of State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $106.46.

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.