State Street Corporation $STT Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L L P NC cut its stake in State Street by 20.6% in Q4, selling 68,995 shares and leaving it with 265,481 shares valued at about $34.25 million.
• EVP John Plansky sold 16,100 shares on March 11 at an average price of $124.32—roughly $2.0 million—reducing his ownership by 22.28%; insiders now hold 0.29% of the company.
• State Street declared a quarterly dividend of $0.84 (annualized $3.36, 2.7% yield) payable April 13 (ex-dividend April 1), and recently beat Q4 estimates with EPS of $2.97 on $3.67 billion in revenue while the stock carries a consensus "Moderate Buy" rating.

Wedge Capital Management L L P NC cut its position in shares of State Street Corporation (NYSE:STT - Free Report) by 20.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 265,481 shares of the asset manager's stock after selling 68,995 shares during the quarter. Wedge Capital Management L L P NC owned about 0.10% of State Street worth $34,250,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STT. Regents of The University of California acquired a new position in shares of State Street in the 3rd quarter valued at about $324,576,000. Norges Bank acquired a new stake in State Street during the 2nd quarter worth approximately $256,367,000. Two Sigma Investments LP increased its position in State Street by 261.0% during 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. First Trust Advisors LP raised its holdings in State Street by 36.8% in the third 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 during the period. Finally, Jupiter Asset Management Ltd. purchased a new position in State Street in the third quarter valued at approximately $62,092,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the sale, the executive vice president directly owned 56,162 shares of the company's stock, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.29% of the company's stock.

State Street Trading Down 2.6%

STT opened at $122.33 on Friday. The firm's 50 day moving average is $126.92 and its 200-day moving average is $122.62. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $137.05. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $34.10 billion, a P/E ratio of 13.00, a P/E/G ratio of 1.10 and a beta of 1.43.

State Street (NYSE:STT - Get Free Report) last announced its earnings results 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 business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the prior year, the firm earned $2.60 earnings per share. The business's quarterly revenue was up 7.5% compared to the same quarter last year. Analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be paid a dividend of $0.84 per share. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 annualized dividend and a dividend yield of 2.7%. State Street's dividend payout ratio (DPR) is currently 35.71%.

Wall Street Analyst Weigh In

Several research firms have issued reports on STT. Weiss Ratings reiterated a "buy (b)" rating on shares of State Street in a research note on Wednesday, January 21st. The Goldman Sachs Group reissued a "buy" rating on shares of State Street in a research note on Tuesday, January 6th. Truist Financial set a $136.00 target price on shares of State Street in a report on Tuesday, January 20th. Citigroup began coverage on shares of State Street in a research report on Monday, February 23rd. They set a "buy" rating and a $150.00 price target for the company. Finally, TD Cowen reiterated a "buy" rating on shares of State Street in a report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $135.83.

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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