State Street Corporation $STT Shares Sold by Legal & General Group Plc

Key Points

• Legal & General Group Plc trimmed its State Street stake by 1.1% in the fourth quarter, selling 21,298 shares but still holding 1.93 million shares valued at about $249.2 million.
• State Street beat earnings expectations for the latest quarter, reporting $2.84 EPS versus the $2.64 estimate, while revenue rose 15.6% year over year to $3.80 billion.
• The company also announced a quarterly dividend of $0.84 per share, payable July 13, which equals an annualized yield of 2.1%.

Legal & General Group Plc lowered its stake in State Street Corporation (NYSE:STT - Free Report) by 1.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,931,725 shares of the asset manager's stock after selling 21,298 shares during the period. Legal & General Group Plc owned about 0.69% of State Street worth $249,212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. Franklin Resources Inc. raised its position in shares of State Street by 3.7% during the 3rd quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager's stock worth $447,684,000 after acquiring an additional 137,049 shares in the last quarter. Nordea Investment Management AB raised its position in shares of State Street by 15.4% during the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager's stock worth $367,041,000 after acquiring an additional 377,568 shares in the last quarter. Regents of The University of California acquired a new stake in shares of State Street during the 3rd quarter worth about $324,576,000. First Trust Advisors LP raised its position in shares of State Street by 36.8% during the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager's stock worth $318,754,000 after acquiring an additional 738,456 shares in the last quarter. Finally, Barclays PLC raised its position in shares of State Street by 27.7% during the 3rd quarter. Barclays PLC now owns 1,576,332 shares of the asset manager's stock worth $182,870,000 after acquiring an additional 342,344 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Trading Up 2.9%

Shares of STT stock opened at $158.49 on Wednesday. The business's 50 day moving average is $141.12 and its two-hundred day moving average is $131.49. State Street Corporation has a twelve month low of $94.72 and a twelve month high of $158.86. The company has a market capitalization of $43.86 billion, a P/E ratio of 16.07, a price-to-earnings-growth ratio of 0.84 and a beta of 1.45. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The company had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the business posted $2.04 EPS. The company's revenue was up 15.6% on a year-over-year basis. Equities analysts forecast that State Street Corporation will post 12.35 EPS for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Wednesday, July 1st. State Street's dividend payout ratio (DPR) is 34.08%.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction that occurred on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the sale, the executive vice president directly owned 43,522 shares in the company, valued at $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John Plansky sold 16,100 shares of State Street stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the sale, the executive vice president owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 28,711 shares of company stock worth $3,933,032. 0.27% of the stock is currently owned by insiders.

Analysts Set New Price Targets

STT has been the topic of several research analyst reports. Truist Financial raised their target price on State Street from $136.00 to $150.00 and gave the stock a "hold" rating in a research report on Monday, April 20th. Evercore set a $158.00 price target on State Street and gave the stock an "outperform" rating in a research report on Monday, April 20th. Wells Fargo & Company lifted their price target on State Street from $162.00 to $171.00 and gave the stock an "overweight" rating in a research report on Tuesday. Seaport Research Partners reiterated a "buy" rating and issued a $170.00 target price on shares of State Street in a research note on Monday, April 20th. Finally, Zacks Research upgraded State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 21st. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $158.57.

State Street Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.

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