State Street Corporation $STT Shares Sold by Legal & General Group Plc

Legal & General Group Plc lowered its stake in shares of State Street Corporation (NYSE:STT) by 0.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,953,023 shares of the asset manager’s stock after selling 11,819 shares during the period. Legal & General Group Plc owned approximately 0.70% of State Street worth $226,570,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in STT. True Wealth Design LLC increased its holdings in shares of State Street by 166.3% during the 3rd quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after buying an additional 158 shares during the last quarter. Flagship Wealth Advisors LLC acquired a new position in State Street in the third quarter valued at $35,000. SJS Investment Consulting Inc. grew its position in State Street by 2,142.9% during the third quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 300 shares during the period. Ameriflex Group Inc. grew its position in State Street by 102.5% during the third quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock valued at $37,000 after acquiring an additional 161 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC increased its stake in State Street by 38.2% during the third quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after acquiring an additional 94 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP John Plansky sold 16,100 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the transaction, the executive vice president directly owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on STT shares. Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. TD Cowen reissued a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Weiss Ratings restated a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. Morgan Stanley reduced their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 20th. 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 equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, State Street has an average rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Price Performance

Shares of NYSE STT opened at $123.11 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05. The company has a market capitalization of $34.31 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 1.10 and a beta of 1.43. The business has a 50-day moving average of $129.07 and a 200-day moving average of $121.96.

State Street (NYSE:STT) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The company’s revenue was up 7.5% on a year-over-year basis. During the same period last year, the business posted $2.60 EPS. On average, equities analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 13th. Stockholders of record on Wednesday, April 1st will be paid a dividend of $0.84 per share. The ex-dividend date is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.7%. 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.