State Street Corporation $STT Shares Sold by Strs Ohio

Key Points

• Strs Ohio cut its State Street stake by 10.7% in the first quarter, selling 33,010 shares and leaving it with 274,665 shares valued at about $34.8 million.
• Wall Street sentiment on STT remains constructive, with analysts maintaining an average rating of “Moderate Buy” and a consensus price target of $166.84.
• State Street reported strong quarterly results, including EPS of $2.84 versus the $2.64 estimate and revenue of $3.80 billion, while also declaring a $0.84 quarterly dividend payable July 13.

Strs Ohio lowered its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 10.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 274,665 shares of the asset manager's stock after selling 33,010 shares during the period. Strs Ohio owned about 0.10% of State Street worth $34,762,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of STT. Regents of The University of California increased its stake in State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager's stock worth $1,123,186,000 after buying an additional 5,908,370 shares in the last quarter. Morgan Stanley lifted its position in shares of State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager's stock valued at $673,740,000 after acquiring an additional 433,201 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager's stock valued at $588,227,000 after acquiring an additional 1,074,174 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager's stock worth $506,534,000 after acquiring an additional 67,309 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in shares of State Street by 30.4% in the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager's stock worth $462,240,000 after acquiring an additional 835,331 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on STT. Keefe, Bruyette & Woods increased their price objective on State Street from $157.00 to $175.00 and gave the company an "outperform" rating in a research note on Monday, April 20th. Truist Financial lifted their target price on shares of State Street from $150.00 to $176.00 and gave the stock a "hold" rating in a research note on Friday, June 26th. Royal Bank Of Canada upped their target price on shares of State Street from $135.00 to $155.00 and gave the stock a "sector perform" rating in a report on Monday, April 20th. Zacks Research lowered shares of State Street from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Finally, Argus increased their target price on shares of State Street from $140.00 to $168.00 and gave the company a "buy" rating in a research report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $166.84.

State Street Price Performance

NYSE:STT opened at $170.57 on Friday. State Street Corporation has a one year low of $101.98 and a one year high of $175.46. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a market cap of $47.21 billion, a PE ratio of 17.30, a P/E/G ratio of 0.92 and a beta of 1.42. The stock has a 50 day moving average price of $159.83 and a 200 day moving average price of $140.51.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) 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 during the quarter, compared to analysts' expectations of $3.59 billion. During the same period in the prior year, the business earned $2.04 EPS. The firm's quarterly revenue was up 15.6% on a year-over-year basis. Equities research analysts expect that State Street Corporation will post 12.53 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.0%. State Street's payout ratio is presently 34.08%.

Insider Activity

In related news, CEO Hanley Ronald P. O sold 14,553 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares of the company's stock, valued at approximately $39,693,789.20. This represents a 5.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the sale, the executive vice president owned 41,827 shares of the company's stock, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 37,876 shares of company stock worth $5,866,583. Company insiders own 0.27% of the company's stock.

About State Street

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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