Pictet Asset Management Holding SA Sells 7,516 Shares of State Street Corporation $STT

Pictet Asset Management Holding SA decreased its position in shares of State Street Corporation (NYSE:STT) by 4.3% during the first quarter, Holdings Channel reports. The institutional investor owned 166,605 shares of the asset manager’s stock after selling 7,516 shares during the period. Pictet Asset Management Holding SA’s holdings in State Street were worth $21,086,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in STT. Brighton Jones LLC bought a new position in shares of State Street during the fourth quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in State Street by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after purchasing an additional 918 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after purchasing an additional 5,226 shares during the period. Empowered Funds LLC boosted its holdings in shares of State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock worth $2,065,000 after purchasing an additional 15,996 shares during the period. Finally, Woodline Partners LP increased its position in shares of State Street by 38.4% during the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after purchasing an additional 6,767 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on STT. UBS Group set a $176.00 price target on State Street in a report on Friday, June 26th. Royal Bank Of Canada raised their target price on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a report on Monday, April 20th. Truist Financial lifted their price target on shares of State Street from $150.00 to $176.00 and gave the stock a “hold” rating in a research note on Friday, June 26th. Zacks Research downgraded shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Evercore set a $158.00 price objective on shares of State Street and gave the stock an “outperform” rating in a research report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $166.84.

State Street Stock Up 0.0%

NYSE:STT opened at $169.66 on Thursday. The company has a market cap of $46.96 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 0.91 and a beta of 1.42. State Street Corporation has a twelve month low of $101.98 and a twelve month high of $175.46. 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 stock has a fifty day simple moving average of $159.12 and a 200-day simple moving average of $139.99.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.04 earnings per share. Analysts anticipate that State Street Corporation will post 12.53 EPS for the current 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 paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio is currently 34.08%.

Insider Activity at State Street

In related news, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $1,431,084.20. Following the transaction, the executive vice president owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This represents a 13.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the sale, the executive vice president directly owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is owned by insiders.

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.