Chevy Chase Trust Holdings LLC Cuts Position in State Street Corporation $STT

Chevy Chase Trust Holdings LLC decreased its position in State Street Corporation (NYSE:STT) by 3.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 145,612 shares of the asset manager’s stock after selling 5,842 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in State Street were worth $16,892,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. Cinctive Capital Management LP raised its holdings in shares of State Street by 60.4% in the 3rd quarter. Cinctive Capital Management LP now owns 108,866 shares of the asset manager’s stock valued at $12,630,000 after purchasing an additional 41,010 shares in the last quarter. Community Bank N.A. acquired a new position in shares of State Street during the 3rd quarter worth about $64,000. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in shares of State Street by 4.6% in the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 50,967 shares of the asset manager’s stock valued at $5,913,000 after acquiring an additional 2,258 shares during the last quarter. California Public Employees Retirement System raised its position in shares of State Street by 1.4% during the 3rd quarter. California Public Employees Retirement System now owns 537,001 shares of the asset manager’s stock worth $62,297,000 after acquiring an additional 7,235 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in State Street by 2.0% during the third quarter. Alliancebernstein L.P. now owns 347,515 shares of the asset manager’s stock worth $40,315,000 after purchasing an additional 6,857 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In other news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 56,162 shares in the company, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.29% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on STT shares. Zacks Research cut shares of State Street from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 1st. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Truist Financial set a $136.00 price target on State Street in a research report on Tuesday, January 20th. Citigroup assumed coverage on shares of State Street in a research report on Monday, February 23rd. They issued a “buy” rating and a $150.00 price target for the company. Finally, Loop Capital set a $144.00 target price on shares of State Street in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $135.83.

State Street Price Performance

State Street stock opened at $120.11 on Tuesday. The company has a market cap of $33.48 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 1.06 and a beta of 1.43. State Street Corporation has a one year low of $72.81 and a one year high of $137.05. The business has a fifty day moving average of $128.66 and a two-hundred day moving average of $122.13. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same quarter last year, the firm posted $2.60 EPS. The business’s revenue was up 7.5% compared to the same quarter last year. As a group, analysts predict that State Street Corporation will post 9.68 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, April 13th. Shareholders of record on Wednesday, April 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.8%. The ex-dividend date is Wednesday, April 1st. State Street’s dividend payout ratio is presently 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.