State Street Corporation $STT Stock Position Trimmed by LSV Asset Management

LSV Asset Management lessened its holdings in State Street Corporation (NYSE:STT) by 5.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 4,226,041 shares of the asset manager’s stock after selling 243,775 shares during the quarter. State Street makes up 1.2% of LSV Asset Management’s investment portfolio, making the stock its 9th largest position. LSV Asset Management’s holdings in State Street were worth $545,202,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. JPL Wealth Management LLC purchased a new stake in State Street in the 3rd quarter valued at approximately $29,000. Board of the Pension Protection Fund purchased a new stake in State Street in the 4th quarter valued at approximately $39,000. Flagship Wealth Advisors LLC purchased a new stake in State Street in the 3rd quarter valued at approximately $35,000. Measured Wealth Private Client Group LLC purchased a new stake in State Street in the 3rd quarter valued at approximately $35,000. Finally, Ameriflex Group Inc. boosted its holdings in State Street by 102.5% in the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock valued at $37,000 after purchasing an additional 161 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

STT stock opened at $153.96 on Friday. The firm has a 50 day moving average of $139.76 and a 200-day moving average of $130.83. State Street Corporation has a 12-month low of $94.19 and a 12-month high of $156.18. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The company has a market cap of $42.61 billion, a price-to-earnings ratio of 15.61, a PEG ratio of 0.84 and a beta of 1.45.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period last year, the firm earned $2.04 EPS. The company’s revenue for the quarter was up 15.6% on a year-over-year basis. As a group, equities analysts expect that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Insider Buying and Selling

In related news, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction that occurred 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 transaction, the chief operating officer directly owned 64,642 shares in the company, valued at $9,885,701.06. The trade was a 12.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Plansky sold 16,100 shares of State Street stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the transaction, the executive vice president owned 56,162 shares of the company’s stock, valued at $6,982,059.84. This represents a 22.28% 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 worth $3,933,032 in the last ninety days. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on STT. Seaport Research Partners reaffirmed a “buy” rating and issued a $170.00 price objective on shares of State Street in a report on Monday, April 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a report on Monday, April 20th. 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 research report on Monday, April 20th. JPMorgan Chase & Co. lifted their price target on shares of State Street from $137.50 to $158.50 and gave the company a “neutral” rating in a research report on Monday, May 11th. Finally, Citigroup lifted their price target on shares of State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Three 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.77.

Key State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street announced a quarterly dividend of $0.84 per share, reinforcing its income profile and signaling management confidence in cash generation. The payout supports investor demand for the stock. Article: State Street Corporation Declares Dividends on its Common Stock and Non-Cumulative Perpetual Preferred Stock Series “G,” “I,” “J,” and “K”
• Positive Sentiment: The company opened a new Manila office to expand global operations, which suggests continued investment in growth, efficiency, and client servicing across international markets. Article: State Street opens new Manila office to expand global operations
• Positive Sentiment: State Street also expanded its stake in Strive Asset Management, a move that may be viewed as a constructive investment decision and a sign of active portfolio positioning. Article: State Street Expands Strive Asset Management (ASST) Holdings by 770% in $17.7M Investment
• Neutral Sentiment: Several disclosures showed State Street entities reducing or ceasing substantial holdings in Australian companies such as Service Stream, Viva Energy, Collins Foods, Elsight, Fortescue, HMC Capital, and PWR Holdings. These are routine portfolio updates and are unlikely to materially affect State Street’s overall outlook. Article: State Street Entities Cease to Be Substantial Holders in Service Stream

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.