State Street Co. (NYSE:STT) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its position in State Street Co. (NYSE:STT) by 13.7% in the fourth quarter, Holdings Channel reports. The firm owned 346,956 shares of the asset manager’s stock after selling 54,908 shares during the quarter. New York State Common Retirement Fund’s holdings in State Street were worth $34,054,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of STT. Hotchkis & Wiley Capital Management LLC grew its stake in State Street by 30.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after purchasing an additional 1,354,560 shares in the last quarter. FMR LLC grew its stake in State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after purchasing an additional 833,679 shares in the last quarter. Wellington Management Group LLP grew its stake in State Street by 818.1% in the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock worth $45,889,000 after purchasing an additional 462,201 shares in the last quarter. National Bank of Canada FI grew its stake in State Street by 99.4% in the third quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock worth $78,574,000 after purchasing an additional 442,725 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in State Street by 13.8% in the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after purchasing an additional 408,792 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,020 shares of company stock valued at $2,674,661 over the last quarter. Corporate insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

STT has been the subject of a number of research reports. Morgan Stanley decreased their target price on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research note on Friday, January 3rd. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Truist Financial decreased their target price on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research note on Friday, December 20th. Finally, Barclays lifted their target price on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus price target of $100.73.

State Street Stock Performance

Shares of NYSE STT opened at $99.63 on Friday. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a market cap of $28.74 billion, a PE ratio of 12.09, a P/E/G ratio of 1.12 and a beta of 1.43. The stock has a 50 day simple moving average of $98.58 and a 200-day simple moving average of $92.64. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last announced its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter in the previous year, the company earned $2.04 earnings per share. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, equities research analysts forecast that State Street Co. will post 9.65 EPS for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.05%. State Street’s payout ratio is 36.89%.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.