Strs Ohio Trims Stake in State Street Corporation $STT

Strs Ohio lessened its holdings in State Street Corporation (NYSE:STT) by 10.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 274,665 shares of the asset manager’s stock after selling 33,010 shares during the period. Strs Ohio’s holdings in State Street were worth $34,762,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Nordea Investment Management AB increased its position in shares of State Street by 15.4% during the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock valued at $367,041,000 after acquiring an additional 377,568 shares during the last quarter. Clean Yield Group lifted its holdings in shares of State Street by 8,247.4% in the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock worth $2,477,000 after acquiring an additional 18,969 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of State Street in the 4th quarter worth approximately $1,959,000. Heritage Family Offices LLP purchased a new position in shares of State Street during the 4th quarter worth approximately $1,220,000. Finally, Campbell Newman Asset Management Inc. purchased a new position in shares of State Street during the 4th quarter worth approximately $21,515,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of research analyst reports. 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 price target on State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. UBS Group set a $176.00 price objective on State Street in a research note on Friday, June 26th. Truist Financial boosted their price objective on State Street from $150.00 to $176.00 and gave the company a “hold” rating in a report on Friday, June 26th. Finally, The Goldman Sachs Group increased their target price on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $166.84.

Insider Buying and Selling

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the sale, the chief operating officer owned 64,642 shares of the company’s stock, valued at $9,885,701.06. This trade represents a 12.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the transaction, the chief executive officer owned 255,512 shares of the company’s stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 37,876 shares of company stock valued at $5,866,583. Company insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of STT opened at $170.57 on Friday. The company has a market cap of $47.21 billion, a P/E ratio of 17.30, a PEG ratio of 0.92 and a beta of 1.42. State Street Corporation has a fifty-two week low of $101.98 and a fifty-two week high of $175.46. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm’s 50 day moving average price is $159.83 and its 200 day moving average price is $140.51.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 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 analysts’ expectations of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm’s revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.04 EPS. On average, research analysts forecast that State Street Corporation will post 12.53 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a $0.84 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. State Street’s dividend payout ratio (DPR) is 34.08%.

State Street Company 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.