Strs Ohio Sells 16,093 Shares of State Street Corporation $STT

Key Points

• STRS Ohio trimmed its stake in State Street by 5.0% in Q4, selling 16,093 shares and leaving it with 307,675 shares (about 0.11% of the company) valued at roughly $39.7 million.
• Insiders sold stock: EVP John Plansky sold 16,100 shares at an average $124.32 and COO Mostapha Tahiri sold 9,611 shares at $152.93, with insiders offloading 28,711 shares worth about $3.93 million over the last quarter.
• Analyst and financial update: State Street carries a consensus "Moderate Buy" with an average price target of $154, recently reported an EPS beat ($2.84 vs. $2.64) and pays a $0.84 quarterly dividend (≈2.2% yield).

Strs Ohio lessened its holdings in State Street Corporation (NYSE:STT - Free Report) by 5.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 307,675 shares of the asset manager's stock after selling 16,093 shares during the quarter. Strs Ohio owned approximately 0.11% of State Street worth $39,693,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in STT. JPL Wealth Management LLC acquired a new position in State Street in the 3rd quarter valued at approximately $29,000. True Wealth Design LLC lifted its holdings in shares of State Street by 166.3% during the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager's stock worth $29,000 after purchasing an additional 158 shares during the period. Board of the Pension Protection Fund acquired a new position in shares of State Street during the fourth quarter worth $39,000. Flagship Wealth Advisors LLC bought a new stake in shares of State Street in the third quarter worth $35,000. Finally, Measured Wealth Private Client Group LLC bought a new stake in shares of State Street in the third quarter worth $35,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on STT. Evercore set a $158.00 target price on State Street and gave the stock an "outperform" rating in a research report on Monday, April 20th. TD Cowen reissued a "buy" rating on shares of State Street in a research note on Wednesday, January 7th. Royal Bank Of Canada raised their price objective on State Street from $135.00 to $155.00 and gave the stock a "sector perform" rating in a research report on Monday, April 20th. Bank of America raised State Street from an "underperform" rating to a "neutral" rating and set a $143.00 price objective on the stock in a research note on Monday, April 6th. Finally, Wall Street Zen upgraded State Street from a "sell" rating to a "hold" rating in a report on Saturday, January 17th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $154.00.

Insider Activity

In related news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction 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 completion of the sale, the executive vice president owned 56,162 shares of the company's stock, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Mostapha Tahiri sold 9,611 shares of the business's stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the sale, the chief operating officer owned 64,642 shares of the company's stock, valued at $9,885,701.06. This trade represents a 12.94% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 28,711 shares of company stock worth $3,933,032 over the last quarter. 0.27% of the stock is currently owned by corporate insiders.

State Street Stock Down 0.5%

Shares of NYSE STT opened at $152.12 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a market cap of $42.10 billion, a PE ratio of 15.43, a P/E/G ratio of 0.83 and a beta of 1.45. The company's fifty day simple moving average is $132.73 and its 200 day simple moving average is $127.27. State Street Corporation has a 12-month low of $89.19 and a 12-month high of $156.18.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, beating the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business's quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.04 earnings per share. As a group, sell-side analysts forecast that State Street Corporation will post 12.31 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street's dividend payout ratio (DPR) is 34.08%.

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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