Bank of New York Mellon Corp Sells 121,509 Shares of State Street Corporation $STT

Bank of New York Mellon Corp cut its stake in shares of State Street Corporation (NYSE:STT) by 6.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,890,579 shares of the asset manager’s stock after selling 121,509 shares during the quarter. Bank of New York Mellon Corp’s holdings in State Street were worth $243,904,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of STT. JPL Wealth Management LLC bought a new stake in State Street in the 3rd quarter worth about $29,000. Board of the Pension Protection Fund bought a new stake in State Street in the 4th quarter worth about $39,000. Measured Wealth Private Client Group LLC bought a new stake in State Street in the 3rd quarter worth about $35,000. Ameriflex Group Inc. increased its holdings in State Street by 102.5% in the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock worth $37,000 after buying an additional 161 shares in the last quarter. Finally, Stance Capital LLC bought a new stake in State Street in the 3rd quarter worth about $44,000. 87.44% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction dated Wednesday, March 11th. The stock was 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 $6,982,059.84. The trade was a 22.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares in the company, valued at approximately $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 52,476 shares of company stock worth $7,624,925. 0.27% of the stock is currently owned by corporate insiders.

State Street Stock Performance

Shares of NYSE STT opened at $162.92 on Friday. The firm has a 50 day moving average of $146.28 and a 200 day moving average of $133.47. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $45.09 billion, a price-to-earnings ratio of 16.52, a price-to-earnings-growth ratio of 0.86 and a beta of 1.43. State Street Corporation has a 12-month low of $95.61 and a 12-month high of $163.95.

State Street (NYSE:STT) last announced its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion during 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 firm’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business posted $2.04 earnings per share. On average, research analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s payout ratio is presently 34.08%.

Analyst Upgrades and Downgrades

Several research firms recently commented on STT. Truist Financial lifted their price objective on State Street from $136.00 to $150.00 and gave the stock a “hold” rating in a report on Monday, April 20th. Seaport Research Partners reissued a “buy” rating and issued a $170.00 target price on shares of State Street in a research report on Monday, April 20th. Evercore set a $158.00 target price on State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. Argus increased their price objective on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Finally, JPMorgan Chase & Co. raised their price objective on shares of State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a report on Monday, May 11th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $158.57.

State Street News Summary

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street expanded its investment servicing relationship with Principal Financial Group, a sign that the company is continuing to win and deepen asset-servicing mandates. State Street Expands Investment Servicing Relationship with Principal Financial Group®
• Positive Sentiment: Analysts currently rate State Street as a “Moderate Buy” on average, reinforcing a constructive outlook for the shares. State Street Corporation (NYSE:STT) Receives Average Rating of “Moderate Buy” from Analysts
• Positive Sentiment: State Street’s stock has been outperforming its longer-term trend and is trading close to its 12-month high, which can attract momentum-focused investors. NYSE:STT Price Performance
• Neutral Sentiment: Several reports noted State Street reducing or exiting substantial holdings in smaller overseas companies, including Service Stream, Greatland Resources, Select Harvests, and Deterra Royalties; these are portfolio-management updates and do not directly change State Street’s core operating outlook. State Street Group Ceases to Be Substantial Holder in Service Stream State Street ceases substantial holding in Greatland Resources State Street Entities Exit Substantial Holder Position in Select Harvests State Street Group exits substantial holding in Deterra Royalties
• Neutral Sentiment: A governance-focused article questioned the rejected independent-chair proposal, but it is more of an investor debate item than a clear fundamental catalyst. Did State Street’s Rejected Independent-Chair Proposal Reframe Its Governance Trade-offs for Investors in STT?
• Neutral Sentiment: One market commentary said State Street underperformed peers on Wednesday, but this looks like a short-term relative-performance note rather than new company-specific news. State Street Corp. stock underperforms Wednesday when compared to competitors

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.