State Street Co. (NYSE:STT) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp trimmed its holdings in State Street Co. (NYSE:STT) by 0.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,877 shares of the asset manager’s stock after selling 444 shares during the quarter. Fifth Third Bancorp’s holdings in State Street were worth $6,435,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of State Street by 3.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager’s stock valued at $44,725,000 after acquiring an additional 14,476 shares during the period. Charles Schwab Investment Management Inc. increased its stake in State Street by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after buying an additional 10,404 shares during the period. Bank of Montreal Can increased its stake in State Street by 54.6% in the 4th quarter. Bank of Montreal Can now owns 720,909 shares of the asset manager’s stock valued at $70,757,000 after buying an additional 254,510 shares during the period. Raymond James Financial Inc. acquired a new position in State Street in the 4th quarter valued at $44,070,000. Finally, Deutsche Bank AG increased its stake in State Street by 2.9% in the 4th quarter. Deutsche Bank AG now owns 1,736,708 shares of the asset manager’s stock valued at $170,458,000 after buying an additional 48,464 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

NYSE:STT opened at $96.05 on Friday. The firm has a market cap of $27.39 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company’s 50-day moving average is $91.21 and its two-hundred day moving average is $94.06. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00.

State Street (NYSE:STT) last released its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates 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 in the prior year, the firm earned $1.69 EPS. Research analysts expect that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be issued a dividend of $0.76 per share. The ex-dividend date is Tuesday, July 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.17%. State Street’s payout ratio is currently 34.12%.

Insider Transactions at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the topic of several recent research reports. Cfra Research cut shares of State Street from a “moderate buy” rating to a “hold” rating in a research note on Thursday, May 29th. Morgan Stanley set a $110.00 price objective on shares of State Street and gave the company an “overweight” rating in a research note on Tuesday, June 3rd. The Goldman Sachs Group set a $98.00 price objective on shares of State Street and gave the company a “buy” rating in a research note on Thursday, April 17th. Wells Fargo & Company lowered their price target on shares of State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Finally, Truist Financial raised shares of State Street from a “hold” rating to a “buy” rating and upped their price target for the stock from $85.00 to $112.00 in a research note on Wednesday, May 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and an average price target of $102.54.

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.