Teachers Retirement System of The State of Kentucky Sells 4,751 Shares of State Street Corporation (NYSE:STT)

Teachers Retirement System of The State of Kentucky reduced its position in State Street Corporation (NYSE:STT - Free Report) by 1.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 282,734 shares of the asset manager's stock after selling 4,751 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.10% of State Street worth $25,313,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of STT. First Pacific Financial acquired a new stake in shares of State Street in the 1st quarter worth about $25,000. Larson Financial Group LLC boosted its holdings in State Street by 40.8% during the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after acquiring an additional 118 shares during the last quarter. Coppell Advisory Solutions LLC lifted its position in shares of State Street by 2,942.9% during the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after purchasing an additional 412 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after purchasing an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. grew its position in State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after purchasing an additional 251 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on STT. Citigroup increased their price target on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Cfra Research upgraded State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Truist Financial cut their price target on shares of State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Evercore ISI boosted their target price on State Street from $102.00 to $115.00 and gave the company an "outperform" rating in a research note on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods cut their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a report on Monday, April 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $112.00.

Insider Activity

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at $667,154.88. This trade represents a 15.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.29% of the company's stock.

State Street Price Performance

Shares of NYSE STT traded up $1.45 during trading hours on Tuesday, reaching $109.54. 1,050,971 shares of the stock traded hands, compared to its average volume of 2,110,200. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $110.97. The company has a market capitalization of $31.24 billion, a P/E ratio of 12.26, a price-to-earnings-growth ratio of 1.21 and a beta of 1.45. The company's 50-day simple moving average is $101.31 and its two-hundred day simple moving average is $95.20. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, topping the consensus estimate of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same period in the previous year, the firm posted $2.15 earnings per share. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. Equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Wednesday, October 1st. This is a positive change from State Street's previous quarterly dividend of $0.76. State Street's dividend payout ratio is 34.04%.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.