State Street Corporation $STT Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its State Street stake by 3.3% in the fourth quarter, selling 13,100 shares and ending with 384,500 shares valued at about $49.6 million.
• State Street reported strong quarterly results, with EPS of $2.84 versus the $2.64 consensus and revenue of $3.80 billion, up 15.6% year over year.
• Analyst sentiment remains positive: the stock has a Moderate Buy consensus with a $155.77 target price, while several firms recently raised targets and the company also paid a $0.84 quarterly dividend.

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its holdings in shares of State Street Corporation (NYSE:STT - Free Report) by 3.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 384,500 shares of the asset manager's stock after selling 13,100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.14% of State Street worth $49,604,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of STT. JPL Wealth Management LLC acquired a new position in State Street during the third quarter worth $29,000. Flagship Wealth Advisors LLC acquired a new position in State Street during the third quarter worth $35,000. Measured Wealth Private Client Group LLC acquired a new position in State Street during the third quarter worth $35,000. Ameriflex Group Inc. grew its holdings in State Street by 102.5% during the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager's stock worth $37,000 after acquiring an additional 161 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC grew its holdings in State Street by 38.2% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager's stock worth $39,000 after acquiring an additional 94 shares during the period. Institutional investors and hedge funds own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on STT. Evercore set a $158.00 price objective on State Street and gave the stock an "outperform" rating in a report on Monday, April 20th. Citigroup boosted their target price on State Street from $150.00 to $172.00 and gave the stock a "buy" rating in a research report on Friday. Truist Financial boosted 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. The Goldman Sachs Group boosted their target price on State Street from $152.00 to $168.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Finally, Wall Street Zen upgraded State Street from a "sell" rating to a "hold" rating in a research report on Saturday, January 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, State Street presently has a consensus rating of "Moderate Buy" and a consensus price target of $155.77.

State Street Stock Up 0.3%

Shares of NYSE:STT opened at $150.57 on Wednesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52-week low of $94.19 and a 52-week high of $156.18. The stock's fifty day simple moving average is $135.25 and its 200-day simple moving average is $128.87. The company has a market capitalization of $41.67 billion, a P/E ratio of 15.27, a P/E/G ratio of 0.82 and a beta of 1.45.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the prior year, the business earned $2.04 earnings per share. The business's revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts forecast that State Street Corporation will post 12.31 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st were given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Wednesday, April 1st. State Street's dividend payout ratio is currently 34.08%.

Insider Activity

In related news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of the company's stock in a transaction dated 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 owned 43,522 shares of the company's stock, valued at $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 28,711 shares of company stock worth $3,933,032 over the last three months. 0.27% of the stock is currently owned by corporate insiders.

State Street Company 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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