Resona Asset Management Co. Ltd. Sells 5,348 Shares of State Street Corporation $STT

Resona Asset Management Co. Ltd. trimmed its stake in State Street Corporation (NYSE:STT) by 5.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,194 shares of the asset manager’s stock after selling 5,348 shares during the period. Resona Asset Management Co. Ltd.’s holdings in State Street were worth $10,831,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. True Wealth Design LLC grew its position in State Street by 166.3% during the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after buying an additional 158 shares in the last quarter. Flagship Wealth Advisors LLC acquired a new position in State Street in the 3rd quarter valued at approximately $35,000. SJS Investment Consulting Inc. lifted its position in shares of State Street by 2,142.9% in the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock worth $36,000 after acquiring an additional 300 shares during the period. Root Financial Partners LLC bought a new stake in shares of State Street in the 3rd quarter worth approximately $47,000. Finally, City Holding Co. acquired a new stake in shares of State Street during the 3rd quarter worth approximately $47,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on STT shares. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Truist Financial set a $136.00 target price on shares of State Street in a research report on Tuesday, January 20th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research report on Wednesday. Finally, Wall Street Zen upgraded shares of State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $135.83.

State Street Trading Down 1.8%

Shares of State Street stock opened at $126.10 on Monday. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $137.05. The stock has a market capitalization of $35.22 billion, a P/E ratio of 13.40, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. The company has a 50-day simple moving average of $126.05 and a 200 day simple moving average of $117.86. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.57 billion. During the same period in the prior year, the firm earned $2.60 earnings per share. The company’s quarterly revenue was up 7.5% compared to the same quarter last year. Research analysts expect that State Street Corporation 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 was paid on Monday, January 12th. Investors of record on Friday, January 2nd were issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s dividend payout ratio (DPR) is currently 35.71%.

About State Street

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.