State Street Corporation $STT Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its stake in shares of State Street Corporation (NYSE:STT) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 277,057 shares of the asset manager’s stock after selling 6,433 shares during the period. New York State Teachers Retirement System’s holdings in State Street were worth $35,743,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Chicago Partners Investment Group LLC grew its holdings in State Street by 1.6% during the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after acquiring an additional 83 shares in the last quarter. Wedmont Private Capital grew its holdings in State Street by 1.3% during the 4th quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock worth $861,000 after acquiring an additional 85 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its holdings in State Street by 38.2% during the 3rd 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 in the last quarter. LVW Advisors LLC grew its holdings in State Street by 1.7% during the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock worth $723,000 after acquiring an additional 96 shares in the last quarter. Finally, Global Retirement Partners LLC grew its holdings in State Street by 7.7% during the 3rd quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager’s stock worth $171,000 after acquiring an additional 105 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

Shares of NYSE STT opened at $152.12 on Friday. State Street Corporation has a 1-year low of $89.19 and a 1-year high of $156.18. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.61. The business’s fifty day moving average price is $132.73 and its two-hundred day moving average price is $127.18. The firm has a market capitalization of $42.10 billion, a PE ratio of 15.43, a P/E/G ratio of 0.84 and a beta of 1.45.

State Street (NYSE:STT) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period last year, the company earned $2.04 earnings per share. On average, research analysts expect that State Street Corporation will post 12.31 EPS for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st were paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Wednesday, April 1st. State Street’s payout ratio is presently 34.08%.

Analysts Set New Price Targets

Several research analysts have weighed in on STT shares. The Goldman Sachs Group raised their price objective on shares of State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Seaport Research Partners reaffirmed a “buy” rating and issued a $170.00 price target on shares of State Street in a report on Monday, April 20th. TD Cowen reaffirmed a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Truist Financial lifted their price target on shares of State Street from $136.00 to $150.00 and gave the company a “hold” rating in a report on Monday, April 20th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $154.00.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 3,000 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the transaction, the executive vice president directly owned 43,522 shares of the company’s stock, valued at $6,697,600.58. The trade was a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares of the company’s stock, valued at $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 28,711 shares of company stock valued at $3,933,032 in the last ninety days. Company insiders own 0.27% of the company’s stock.

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.