Bridges Investment Management Inc. Sells 3,463 Shares of State Street Corporation $STT

Bridges Investment Management Inc. lowered its position in State Street Corporation (NYSE:STT) by 11.9% during the 4th quarter, Holdings Channel reports. The firm owned 25,636 shares of the asset manager’s stock after selling 3,463 shares during the quarter. Bridges Investment Management Inc.’s holdings in State Street were worth $3,307,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Root Financial Partners LLC grew its stake in State Street by 39.1% in the fourth quarter. Root Financial Partners LLC now owns 559 shares of the asset manager’s stock worth $72,000 after purchasing an additional 157 shares in the last quarter. New Mexico Educational Retirement Board grew its stake in State Street by 1.5% in the fourth quarter. New Mexico Educational Retirement Board now owns 13,128 shares of the asset manager’s stock worth $1,694,000 after purchasing an additional 200 shares in the last quarter. Ellevest Inc. grew its stake in State Street by 27.9% in the fourth quarter. Ellevest Inc. now owns 4,103 shares of the asset manager’s stock worth $529,000 after purchasing an additional 896 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its stake in State Street by 0.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 97,659 shares of the asset manager’s stock worth $12,599,000 after purchasing an additional 291 shares in the last quarter. Finally, Verity & Verity LLC grew its stake in State Street by 0.4% in the fourth quarter. Verity & Verity LLC now owns 270,043 shares of the asset manager’s stock worth $34,838,000 after purchasing an additional 1,006 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

Insider Activity at State Street

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total value of $461,670.00. Following the sale, the executive vice president owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 52,476 shares of company stock valued at $7,624,925 over the last 90 days. Insiders own 0.27% of the company’s stock.

State Street Stock Down 1.0%

State Street stock opened at $158.19 on Thursday. The business has a fifty day moving average of $145.54 and a two-hundred day moving average of $133.15. 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 has a market cap of $43.78 billion, a P/E ratio of 16.04, a P/E/G ratio of 0.87 and a beta of 1.43. State Street Corporation has a twelve month low of $95.61 and a twelve month high of $161.79.

State Street (NYSE:STT) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 14.22% and a net margin of 13.47%.State Street’s revenue was up 15.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.04 earnings per share. On average, analysts forecast that State Street Corporation will post 12.35 earnings per share for the current fiscal year.

State Street Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages recently issued reports on STT. Truist Financial increased their price objective on State Street from $136.00 to $150.00 and gave the stock a “hold” rating in a research note on Monday, April 20th. Royal Bank Of Canada increased their price objective on State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research note on Monday, April 20th. Citigroup increased their price objective on State Street from $150.00 to $172.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Wells Fargo & Company increased their price objective on State Street from $162.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Finally, Barclays set a $165.00 price objective on State Street in a research note on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $158.57.

State Street 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.