State Street Corporation $STT Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group trimmed its stake in State Street by 2.9% in Q4, selling 20,326 shares and ending the period with 681,661 shares worth about $87.94 million (≈0.24% of the company).
• EVP John Plansky executed an insider sale of 16,100 shares on March 11 at an average $124.32 for roughly $2.0 million, reducing his ownership by 22.28% (insiders now own 0.29% of the stock).
• State Street beat quarterly expectations with $2.97 EPS vs. $2.82 est. and $3.67B revenue vs. $3.57B est., recently paid a $0.84 quarterly dividend (2.4% yield), and trades near its 12‑month high with a consensus analyst rating of Moderate Buy and a $140.50 target.

Sumitomo Mitsui Trust Group Inc. lessened its position in State Street Corporation (NYSE:STT - Free Report) by 2.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 681,661 shares of the asset manager's stock after selling 20,326 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of State Street worth $87,941,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at State Street

In other news, 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 transaction, the executive vice president directly owned 56,162 shares of the company's stock, valued at $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by company insiders.

State Street Stock Performance

NYSE:STT opened at $141.53 on Tuesday. State Street Corporation has a twelve month low of $75.50 and a twelve month high of $141.73. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04. The company has a 50-day moving average of $127.72 and a 200-day moving average of $124.28. The firm has a market cap of $39.21 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 0.91 and a beta of 1.37.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same quarter last year, the firm posted $2.60 EPS. The business's revenue for the quarter was up 7.5% on a year-over-year basis. Analysts forecast 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 was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Wednesday, April 1st. State Street's dividend payout ratio (DPR) is presently 35.71%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on STT. Truist Financial set a $136.00 target price on shares of State Street in a research report on Tuesday, January 20th. Bank of America upgraded shares of State Street from an "underperform" rating to a "neutral" rating and set a $143.00 target price for the company in a research report on Monday, April 6th. Morgan Stanley reduced their price objective on shares of State Street from $168.00 to $164.00 and set an "overweight" rating for the company in a research report on Tuesday, January 20th. Weiss Ratings restated a "buy (b)" rating on shares of State Street in a research report on Wednesday, January 21st. Finally, Loop Capital set a $144.00 price objective on shares of State Street in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $140.50.

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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