Victory Capital Management Inc. Sells 209,051 Shares of State Street Corporation (NYSE:STT)

Victory Capital Management Inc. decreased its stake in State Street Corporation (NYSE:STT - Free Report) by 28.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 526,686 shares of the asset manager's stock after selling 209,051 shares during the period. Victory Capital Management Inc. owned about 0.18% of State Street worth $47,154,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in STT. Larson Financial Group LLC raised its stake in shares of State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after acquiring an additional 118 shares during the last quarter. Wealthfront Advisers LLC raised its stake in shares of State Street by 22.2% during the first quarter. Wealthfront Advisers LLC now owns 51,420 shares of the asset manager's stock valued at $4,604,000 after acquiring an additional 9,354 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of State Street by 10.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,299 shares of the asset manager's stock valued at $206,000 after acquiring an additional 210 shares during the last quarter. Apollon Wealth Management LLC raised its stake in shares of State Street by 2.0% during the first quarter. Apollon Wealth Management LLC now owns 10,252 shares of the asset manager's stock valued at $918,000 after acquiring an additional 202 shares during the last quarter. Finally, Sigma Planning Corp bought a new position in shares of State Street during the first quarter valued at $591,000. Institutional investors own 87.44% of the company's stock.

State Street Stock Up 0.9%

NYSE:STT traded up $1.02 during trading hours on Friday, reaching $108.50. The company had a trading volume of 2,912,765 shares, compared to its average volume of 2,113,581. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market cap of $30.94 billion, a price-to-earnings ratio of 12.15, a P/E/G ratio of 1.21 and a beta of 1.45. The business's 50-day simple moving average is $101.31 and its two-hundred day simple moving average is $95.22. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $110.97.

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

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is currently 37.63%.

Insider Activity

In other news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the transaction, the chief accounting officer directly owned 7,354 shares in the company, valued at $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.29% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on STT. Truist Financial lowered their target price on shares of State Street from $122.00 to $116.00 and set a "buy" rating for the company in a research note on Wednesday. Citigroup lifted their target price on shares of State Street from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Cfra Research raised shares of State Street from a "hold" rating to a "moderate buy" rating in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods lowered their target price on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research note on Monday, April 21st. Finally, Barclays lowered their target price on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $112.00.

About State Street

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.