Nuveen Asset Management LLC Cuts Stock Holdings in State Street Co. (NYSE:STT)

Nuveen Asset Management LLC decreased its holdings in State Street Co. (NYSE:STT - Free Report) by 1.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,002,397 shares of the asset manager's stock after selling 14,724 shares during the quarter. Nuveen Asset Management LLC owned about 0.34% of State Street worth $98,385,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Adero Partners LLC boosted its position in shares of State Street by 3.6% in the 4th quarter. Adero Partners LLC now owns 2,900 shares of the asset manager's stock worth $285,000 after purchasing an additional 100 shares in the last quarter. Jacobi Capital Management LLC boosted its position in shares of State Street by 1.0% in the 4th quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager's stock worth $1,201,000 after purchasing an additional 121 shares in the last quarter. Moors & Cabot Inc. boosted its position in shares of State Street by 0.7% in the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager's stock worth $1,799,000 after purchasing an additional 131 shares in the last quarter. Apollon Wealth Management LLC boosted its position in shares of State Street by 1.4% in the 4th quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager's stock worth $986,000 after purchasing an additional 138 shares in the last quarter. Finally, Huntington National Bank boosted its position in shares of State Street by 1.3% in the 4th quarter. Huntington National Bank now owns 11,671 shares of the asset manager's stock worth $1,146,000 after purchasing an additional 150 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Performance

Shares of NYSE STT traded down $0.55 during trading on Tuesday, reaching $97.73. 1,262,646 shares of the company traded hands, compared to its average volume of 2,148,147. The firm's fifty day simple moving average is $87.47 and its 200 day simple moving average is $93.86. The stock has a market cap of $27.87 billion, a P/E ratio of 11.86, a PEG ratio of 1.11 and a beta of 1.42. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.30 billion. During the same quarter in the previous year, the business earned $1.69 EPS. As a group, research analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.11%. State Street's dividend payout ratio is presently 34.12%.

Insider Activity at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the transaction, the chief accounting officer now owns 7,354 shares in the company, valued at $667,154.88. The trade was a 15.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.29% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. StockNews.com cut State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. Truist Financial reduced their target price on State Street from $89.00 to $85.00 and set a "hold" rating for the company in a research note on Monday, April 21st. Wolfe Research upgraded State Street from an "underperform" rating to a "peer perform" rating in a research note on Monday, January 27th. Keefe, Bruyette & Woods reduced their target price on 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 reduced their target price on 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 investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, State Street has a consensus rating of "Hold" and a consensus price target of $102.15.

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.