Man Group plc decreased its position in State Street Corporation (NYSE:STT – Free Report) by 50.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 855,843 shares of the asset manager’s stock after selling 882,080 shares during the quarter. Man Group plc’s holdings in State Street were worth $110,412,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Regents of The University of California boosted its holdings in State Street by 211.2% in the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after acquiring an additional 5,908,370 shares during the last quarter. Morgan Stanley boosted its holdings in State Street by 9.0% in the fourth quarter. Morgan Stanley now owns 5,222,382 shares of the asset manager’s stock valued at $673,740,000 after acquiring an additional 433,201 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in State Street by 30.8% in the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after acquiring an additional 1,074,174 shares during the last quarter. Franklin Resources Inc. boosted its holdings in State Street by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 3,926,321 shares of the asset manager’s stock valued at $506,534,000 after acquiring an additional 67,309 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in State Street by 30.4% in the fourth quarter. First Trust Advisors LP now owns 3,582,977 shares of the asset manager’s stock valued at $462,240,000 after acquiring an additional 835,331 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.
Insider Buying and Selling
In other news, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. The trade was a 12.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the transaction, the chief executive officer owned 255,512 shares in the company, valued at $39,693,789.20. This trade represents a 5.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 37,876 shares of company stock worth $5,866,583 in the last ninety days. 0.27% of the stock is currently owned by corporate insiders.
State Street Price Performance
State Street (NYSE:STT – Get Free Report) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter last year, the business earned $2.04 earnings per share. The company’s revenue was up 15.6% compared to the same quarter last year. On average, equities analysts predict that State Street Corporation will post 12.35 earnings per share 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 issued a dividend of $0.84 per share. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. State Street’s dividend payout ratio (DPR) is 34.08%.
Analyst Ratings Changes
STT has been the topic of several recent research reports. Wells Fargo & Company raised their price target on State Street from $162.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Barclays set a $165.00 price target on State Street in a report on Monday, April 20th. Evercore set a $158.00 price target on State Street and gave the company an “outperform” rating in a report on Monday, April 20th. Citigroup raised their target price on State Street from $150.00 to $172.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Royal Bank Of Canada raised their target price on State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a report on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $158.57.
Check Out Our Latest Research Report on State Street
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.
Featured Articles
- Five stocks we like better than State Street
- Cheap Thrills: Why These 3 Entertainment Stocks Are Soaring
- CoreWeave Insider Sales Look Big, But Should Investors Worry?
- Critical Metals: Sizing Up This Tiny Rare-Earth Stock Making Big Moves
- Meta and Cloud Computing: Real Potential, or a Shot in the Dark?
Want to see what other hedge funds are holding STT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for State Street Corporation (NYSE:STT – Free Report).
Receive News & Ratings for State Street Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for State Street and related companies with MarketBeat.com's FREE daily email newsletter.
