Tealwood Asset Management Inc. Sells 237 Shares of State Street Co. (NYSE:STT)

Tealwood Asset Management Inc. cut its stake in shares of State Street Co. (NYSE:STT) by 0.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,115 shares of the asset manager’s stock after selling 237 shares during the period. State Street accounts for approximately 1.1% of Tealwood Asset Management Inc.’s portfolio, making the stock its 25th largest holding. Tealwood Asset Management Inc.’s holdings in State Street were worth $2,428,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Invesco Ltd. raised its stake in State Street by 5.7% in the fourth quarter. Invesco Ltd. now owns 7,510,570 shares of the asset manager’s stock valued at $737,162,000 after purchasing an additional 406,396 shares in the last quarter. Geode Capital Management LLC raised its stake in State Street by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock valued at $704,238,000 after purchasing an additional 24,617 shares in the last quarter. FMR LLC raised its stake in State Street by 14.2% in the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after purchasing an additional 870,849 shares in the last quarter. Amundi raised its stake in State Street by 11.1% in the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock valued at $547,636,000 after purchasing an additional 561,773 shares in the last quarter. Finally, Northern Trust Corp grew its position in State Street by 15.7% during the fourth quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager’s stock valued at $407,166,000 after acquiring an additional 563,790 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Truist Financial upgraded shares of State Street from a “hold” rating to a “buy” rating and increased their price target for the company from $85.00 to $112.00 in a research report on Wednesday, May 28th. Bank of America increased their price target on shares of State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods reduced their price target on shares of State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a research report on Monday, April 21st. Barclays reduced their price target on shares of State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Finally, Evercore ISI reduced their price target on shares of State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $102.54.

Insider Activity at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of State Street stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the sale, the chief accounting officer now owns 7,354 shares in the company, valued at $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is currently owned by company insiders.

State Street Stock Up 2.2%

Shares of NYSE STT opened at $98.63 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The firm’s fifty day moving average is $89.43 and its 200 day moving average is $94.04. The company has a market cap of $28.13 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 1.11 and a beta of 1.45.

State Street (NYSE:STT) last issued its 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. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same period in the previous year, the firm earned $1.69 earnings per share. On average, equities research analysts expect that State Street Co. will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.08%. The ex-dividend date is Tuesday, July 1st. State Street’s dividend payout ratio (DPR) is currently 34.12%.

State Street 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.