State Street Co. (NYSE:STT) Position Reduced by Utah Retirement Systems

Utah Retirement Systems reduced its position in shares of State Street Co. (NYSE:STT) by 2.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 48,588 shares of the asset manager’s stock after selling 1,300 shares during the period. Utah Retirement Systems’ holdings in State Street were worth $4,769,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Albion Financial Group UT acquired a new stake in shares of State Street in the fourth quarter valued at $25,000. Y.D. More Investments Ltd raised its position in State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after acquiring an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in State Street in the 4th quarter valued at about $42,000. Coppell Advisory Solutions LLC boosted its position in shares of State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after purchasing an additional 412 shares in the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in shares of State Street by 187.3% in the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after purchasing an additional 311 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on STT shares. Morgan Stanley cut their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. Truist Financial cut their price objective on State Street from $89.00 to $85.00 and set a “hold” rating for the company in a research report on Monday, April 21st. Keefe, Bruyette & Woods decreased their target price on State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a report on Monday, April 21st. Evercore ISI reduced their target price on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Finally, Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $102.15.

Insider Activity at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares of the company’s stock, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

State Street Trading Up 0.8 %

Shares of NYSE STT opened at $88.79 on Friday. 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 Co. has a one year low of $70.20 and a one year high of $103.00. The business has a 50-day moving average price of $86.94 and a two-hundred day moving average price of $93.60. The firm has a market capitalization of $25.62 billion, a PE ratio of 10.78, a PEG ratio of 1.11 and a beta of 1.42.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, topping the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same period last year, the company posted $1.69 earnings per share. As a group, analysts predict that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were given a dividend of $0.76 per share. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.42%. State Street’s payout ratio is 34.12%.

About State Street

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.