State Street Corporation (NYSE:STT) Shares Sold by University of Texas Texas AM Investment Management Co.

Key Points

• The University of Texas Texas AM Investment Management Co. has reduced its stake in State Street Corporation (NYSE:STT) by 6.4%, now holding 77,581 shares valued at approximately $6.95 million.
• State Street recently announced an increase in its quarterly dividend to $0.84 per share, up from $0.76, translating to an annual yield of 2.97%.
• Analysts have mixed ratings on State Street, with an average target price of $112.00 and a distribution of ratings, including one sell, five holds, and seven buys.

University of Texas Texas AM Investment Management Co. trimmed its position in State Street Corporation (NYSE:STT - Free Report) by 6.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 77,581 shares of the asset manager's stock after selling 5,306 shares during the period. State Street comprises about 1.2% of University of Texas Texas AM Investment Management Co.'s portfolio, making the stock its 13th largest holding. University of Texas Texas AM Investment Management Co.'s holdings in State Street were worth $6,946,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Invesco Ltd. boosted its holdings in State Street by 5.7% in the 4th quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager's stock worth $737,162,000 after buying an additional 406,396 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of State Street by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager's stock worth $704,238,000 after purchasing an additional 24,617 shares during the last quarter. FMR LLC boosted its holdings in shares of State Street by 14.2% during the 4th 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 last quarter. Northern Trust Corp boosted its holdings in shares of State Street by 15.7% during the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after purchasing an additional 563,790 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of State Street by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager's stock worth $335,884,000 after purchasing an additional 55,598 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Citigroup boosted their target price on State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods lowered their target price on State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a report on Monday, April 21st. Truist Financial lowered their target price on State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Wells Fargo & Company boosted their target price on State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Barclays lowered their target price on State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $112.00.

State Street Stock Up 1.8%

STT stock opened at $113.01 on Monday. The firm has a market cap of $32.23 billion, a PE ratio of 12.66, a PEG ratio of 1.25 and a beta of 1.45. 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's 50 day moving average price is $102.60 and its 200-day moving average price is $95.65. State Street Corporation has a one year low of $72.81 and a one year high of $113.72.

State Street (NYSE:STT - Get Free Report) last announced its earnings results 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. The company had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. State Street had a return on equity of 12.96% and a net margin of 12.59%. The firm's quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.15 earnings per share. On average, equities research analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a $0.84 dividend. This is a positive change from State Street's previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.97%. State Street's payout ratio is presently 34.04%.

Insider Buying and Selling

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

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