Swiss Life Asset Management Ltd Sells 9,525 Shares of State Street Corporation $STT

Key Points

• Swiss Life Asset Management Ltd trimmed its State Street stake by 4.5% in the fourth quarter, selling 9,525 shares and leaving it with 203,597 shares valued at about $26.3 million.
• State Street has seen mixed institutional and insider activity, with several hedge funds adding to positions while company executives recently sold shares; insiders sold 28,711 shares worth about $3.9 million over the last 90 days.
• The stock has had a generally positive backdrop: State Street beat quarterly earnings and revenue estimates, raised/targeted higher price objectives from multiple analysts, and carries a consensus Moderate Buy rating with an average target of $155.77.

Swiss Life Asset Management Ltd decreased its position in shares of State Street Corporation (NYSE:STT - Free Report) by 4.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 203,597 shares of the asset manager's stock after selling 9,525 shares during the quarter. Swiss Life Asset Management Ltd owned about 0.07% of State Street worth $26,266,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in STT. Regents of The University of California bought a new position in State Street during the 3rd quarter worth approximately $324,576,000. Two Sigma Investments LP raised its holdings 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 during the last quarter. First Trust Advisors LP raised its holdings in State Street by 36.8% during the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager's stock worth $318,754,000 after purchasing an additional 738,456 shares during the last quarter. Jupiter Asset Management Ltd. bought a new position in State Street during the 3rd quarter worth approximately $62,092,000. Finally, Qube Research & Technologies Ltd raised its holdings in State Street by 157.5% during the 3rd quarter. Qube Research & Technologies Ltd now owns 863,666 shares of the asset manager's stock worth $100,194,000 after purchasing an additional 528,246 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

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Key Stories Impacting State Street

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

• Positive Sentiment: JPMorgan Chase raised its price target on State Street NYSE: STT to $158.50 from $137.50, indicating continued upside potential even though the rating remains neutral. Benzinga Tickerreport.com
• Positive Sentiment: Zacks described State Street NYSE: STT as a strong momentum stock, which may support investor interest in the name. Zacks
• Positive Sentiment: State Street NYSE: STT shares crossed above their 200-day moving average, a technical signal that can reinforce a constructive short-term outlook. Kalkine Media
• Positive Sentiment: Brokerages now have a consensus recommendation of “Moderate Buy” on State Street NYSE: STT, signaling generally favorable analyst sentiment. American Banking News
• Neutral Sentiment: State Street Investment Management was listed among institutions using Chainlink’s expanding blockchain infrastructure, a development that is notable but not likely to move STT shares by itself. The Merkle News
• Neutral Sentiment: State Street disclosed exits from substantial holdings in several non-core overseas names, including Bega Cheese, Elsight, and WA1 Resources; these portfolio updates are routine and appear unlikely to materially affect the stock. TipRanks
• Neutral Sentiment: Commentary about State Street reflecting confidence in the financial sector and valuation after recent weakness is supportive, but it does not appear to be a direct company-specific catalyst. Kalkine Media Yahoo Finance

Insider Activity at State Street

In related news, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total value of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares of the company's stock, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $2,001,552.00. Following the completion of 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 position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 28,711 shares of company stock valued at $3,933,032. 0.27% of the stock is owned by company insiders.

State Street Stock Performance

NYSE:STT opened at $150.21 on Tuesday. The company has a fifty day moving average of $134.81 and a 200-day moving average of $128.61. The firm has a market capitalization of $41.57 billion, a P/E ratio of 15.23, a P/E/G ratio of 0.82 and a beta of 1.45. 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 twelve month low of $94.19 and a twelve month high of $156.18.

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 (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the firm posted $2.04 EPS. State Street's revenue was up 15.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that State Street Corporation will post 12.31 EPS for the current year.

State Street Announces Dividend

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

Analyst Ratings Changes

Several research analysts have issued reports on STT shares. Morgan Stanley raised their price target on shares of State Street from $155.00 to $166.00 and gave the stock an "overweight" rating in a report on Monday, April 20th. Barclays set a $165.00 price objective on shares of State Street in a research note on Monday, April 20th. Citigroup lifted their price objective on shares of State Street from $150.00 to $172.00 and gave the company a "buy" rating in a research note on Friday. Royal Bank Of Canada lifted their price objective on shares of State Street from $135.00 to $155.00 and gave the company a "sector perform" rating in a research note on Monday, April 20th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of State Street from $137.50 to $158.50 and gave the company a "neutral" rating in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, State Street currently has a consensus rating of "Moderate Buy" and an average price target of $155.77.

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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