Yacktman Asset Management LP Sells 138,305 Shares of State Street Corporation $STT

Key Points

• Yacktman Asset Management reduced its State Street position by 13.1% in Q4, selling 138,305 shares and leaving it with 913,555 shares worth about $117.9 million.
• Analysts remain mostly bullish on State Street, with several firms raising price targets; the stock currently carries a consensus Moderate Buy rating and a $155.57 average target.
• State Street posted strong quarterly results, beating estimates with EPS of $2.84 and revenue of $3.80 billion, while also paying a quarterly dividend of $0.84 per share.

Yacktman Asset Management LP lessened its position in shares of State Street Corporation (NYSE:STT - Free Report) by 13.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 913,555 shares of the asset manager's stock after selling 138,305 shares during the quarter. State Street comprises 1.6% of Yacktman Asset Management LP's holdings, making the stock its 26th biggest position. Yacktman Asset Management LP owned 0.33% of State Street worth $117,858,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of STT. Regents of The University of California bought a new position in shares of State Street during the 3rd quarter worth approximately $324,576,000. Two Sigma Investments LP raised its stake in shares of 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 acquiring an additional 880,507 shares in the last quarter. First Trust Advisors LP raised its stake in shares of 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 acquiring an additional 738,456 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of State Street during the 3rd quarter worth approximately $62,092,000. Finally, Qube Research & Technologies Ltd raised its stake in shares of 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 acquiring an additional 528,246 shares in the last quarter. Institutional investors own 87.44% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on STT. Wall Street Zen upgraded shares of State Street from a "sell" rating to a "hold" rating in a research note on Saturday, January 17th. Seaport Research Partners restated a "buy" rating and set a $170.00 price target on shares of State Street in a research note on Monday, April 20th. Truist Financial upped their price target on shares of State Street from $136.00 to $150.00 and gave the company a "hold" rating in a research note on Monday, April 20th. The Goldman Sachs Group upped their price target on shares of State Street from $152.00 to $168.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Finally, Zacks Research upgraded shares of State Street from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, State Street currently has a consensus rating of "Moderate Buy" and a consensus price target of $155.57.

Insider Transactions at State Street

In other news, EVP John Plansky sold 16,100 shares of the 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 sale, the executive vice president owned 56,162 shares in the company, valued at $6,982,059.84. This represents a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. The trade was a 12.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,711 shares of company stock worth $3,933,032 over the last 90 days. 0.27% of the stock is currently owned by company insiders.

State Street Trading Up 0.4%

Shares of State Street stock opened at $149.39 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12-month low of $93.69 and a 12-month high of $156.18. The firm has a market capitalization of $41.35 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 0.82 and a beta of 1.45. The firm's 50 day simple moving average is $134.10 and its two-hundred day simple moving average is $128.11.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts' consensus estimates 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. Analysts predict that State Street Corporation will post 12.31 EPS for the current year.

State Street Announces Dividend

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