Wedge Capital Management L L P NC Sells 42,410 Shares of State Street Corporation $STT

Wedge Capital Management L L P NC trimmed its holdings in shares of State Street Corporation (NYSE:STT) by 16.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,736 shares of the asset manager’s stock after selling 42,410 shares during the period. Wedge Capital Management L L P NC owned 0.08% of State Street worth $35,402,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. IFM Investors Pty Ltd raised its position in shares of State Street by 9.7% during the 1st quarter. IFM Investors Pty Ltd now owns 84,534 shares of the asset manager’s stock valued at $10,699,000 after acquiring an additional 7,469 shares during the last quarter. Clean Yield Group grew its position in shares of State Street by 8,247.4% during the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock worth $2,477,000 after buying an additional 18,969 shares during the period. Concurrent Investment Advisors LLC bought a new stake in shares of State Street in the 4th quarter valued at about $1,959,000. New York State Teachers Retirement System increased its stake in shares of State Street by 9.7% in the 1st quarter. New York State Teachers Retirement System now owns 303,919 shares of the asset manager’s stock valued at $38,464,000 after acquiring an additional 26,862 shares during the last quarter. Finally, SBI Okasan Asset Management Co.Ltd. acquired a new stake in shares of State Street in the 4th quarter valued at approximately $935,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on STT shares. Bank of America upped their target price on shares of State Street from $160.00 to $190.00 and gave the company a “neutral” rating in a research note on Tuesday, July 7th. JPMorgan Chase & Co. upped their price objective on shares of State Street from $176.50 to $187.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Barclays raised their price objective on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Truist Financial reissued a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Finally, Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $185.38.

State Street Price Performance

Shares of STT opened at $187.22 on Wednesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $192.51. The stock has a market capitalization of $51.43 billion, a P/E ratio of 16.51, a P/E/G ratio of 0.77 and a beta of 1.41. The company has a 50 day moving average of $175.87 and a 200-day moving average of $150.54.

State Street (NYSE:STT) last issued its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.04 EPS. As a group, equities research analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio is 32.45%.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $162.14, for a total transaction of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at approximately $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 49,576 shares of company stock valued at $8,415,875 in the last 90 days. 0.27% of the stock is currently owned by insiders.

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.