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

Key Points

• Sumitomo Mitsui Trust Group reduced its stake in State Street by 4.0% in the first quarter, selling 27,424 shares and leaving it with 654,237 shares valued at about $82.8 million.
• Analysts remain generally constructive on the stock, with multiple firms raising price targets and MarketBeat showing a Moderate Buy consensus and an average target price of $173.91.
• State Street reported strong quarterly results, beating EPS and revenue estimates, and also declared a quarterly dividend of $0.84 per share, or $3.36 annually, for a 1.9% yield.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 4.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 654,237 shares of the asset manager's stock after selling 27,424 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.24% of State Street worth $82,800,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Regents of The University of California raised its position in shares of State Street by 211.2% during the fourth 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 purchasing an additional 5,908,370 shares during the period. Norges Bank acquired a new position in shares of State Street in the 4th quarter valued at $303,483,000. Pinebridge Investments LLC acquired a new position in shares of State Street in the 4th quarter valued at $178,705,000. Victory Capital Management Inc. increased its stake in State Street by 30.8% in the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager's stock worth $588,227,000 after purchasing an additional 1,074,174 shares in the last quarter. Finally, Two Sigma Investments LP increased its stake in State Street by 261.0% in the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager's stock worth $141,277,000 after purchasing an additional 880,507 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

STT has been the subject of a number of analyst reports. Truist Financial upped their price objective on shares of State Street from $150.00 to $176.00 and gave the company a "hold" rating in a research note on Friday, June 26th. Weiss Ratings raised shares of State Street from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, May 28th. Morgan Stanley increased their target price on State Street from $166.00 to $183.00 and gave the company an "overweight" rating in a report on Monday, June 29th. Keefe, Bruyette & Woods raised their target price on State Street from $175.00 to $195.00 and gave the stock an "outperform" rating in a research report on Thursday. Finally, Barclays set a $165.00 price target on State Street in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, State Street has a consensus rating of "Moderate Buy" and an average target price of $173.91.

State Street Stock Performance

Shares of STT traded up $0.31 on Friday, reaching $180.47. 2,064,243 shares of the stock traded hands, compared to its average volume of 2,455,754. The firm has a market cap of $49.95 billion, a price-to-earnings ratio of 18.30, a P/E/G ratio of 0.93 and a beta of 1.42. State Street Corporation has a 12 month low of $101.98 and a 12 month high of $183.32. The stock's 50-day moving average price is $162.52 and its 200-day moving average price is $142.28. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the company earned $2.04 earnings per share. The business's revenue was up 15.6% compared to the same quarter last year. Equities analysts forecast that State Street Corporation will post 12.75 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 1.9%. State Street's dividend payout ratio (DPR) is currently 34.08%.

Insider Buying and Selling

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the sale, the chief executive officer directly owned 255,512 shares in the company, valued at approximately $39,693,789.20. This represents a 5.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the completion of the transaction, the executive vice president directly owned 59,552 shares of the company's stock, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 37,876 shares of company stock valued at $5,866,583 over the last ninety days. Company insiders own 0.27% of the company's stock.

Key State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was upgraded to a Zacks Rank #2 (Buy), reflecting stronger earnings outlooks and improving sentiment heading into earnings. All You Need to Know About State Street (STT) Rating Upgrade to Buy
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on State Street to $195 from $175 and maintained an outperform rating, suggesting meaningful upside from recent levels. State Street NYSE: STT Given New $195.00 Price Target at Keefe, Bruyette & Woods
• Positive Sentiment: Analysts are revising expectations higher ahead of Q2 results, with consensus pointing to earnings growth and the possibility of a beat if State Street delivers on estimates. Top Wall Street Forecasters Revamp State Street Expectations Ahead Of Q2 Earnings
• Neutral Sentiment: State Street is expected to report quarterly earnings next week, and investors are focused on whether the company can confirm the improved outlook with actual results. State Street (STT) to Release Earnings on Thursday
• Neutral Sentiment: Coverage noting renewed analyst optimism and upgraded estimates may reinforce the bullish setup, but it does not add new company-specific fundamentals by itself. How Investors May Respond To State Street (STT) Renewed Analyst Optimism And Upgraded Earnings Estimates

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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