Teachers Retirement System of The State of Kentucky Trims Stock Position in State Street Co. (NYSE:STT)

Teachers Retirement System of The State of Kentucky cut its position in State Street Co. (NYSE:STT) by 7.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 287,485 shares of the asset manager’s stock after selling 23,424 shares during the quarter. Teachers Retirement System of The State of Kentucky owned about 0.10% of State Street worth $28,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new position in State Street in the 3rd quarter worth about $1,125,000. Synovus Financial Corp raised its stake in State Street by 10.3% in the third quarter. Synovus Financial Corp now owns 13,321 shares of the asset manager’s stock valued at $1,179,000 after purchasing an additional 1,247 shares in the last quarter. Peapack Gladstone Financial Corp lifted its position in State Street by 2.0% during the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock valued at $467,000 after purchasing an additional 103 shares during the last quarter. Franklin Resources Inc. grew its stake in State Street by 13.8% in the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after buying an additional 408,792 shares in the last quarter. Finally, Inspire Trust Co. N.A. increased its holdings in shares of State Street by 5.9% in the 3rd quarter. Inspire Trust Co. N.A. now owns 35,776 shares of the asset manager’s stock worth $3,165,000 after buying an additional 2,000 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

STT has been the subject of several research reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Morgan Stanley dropped their price objective on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. Bank of America raised their target price on State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 2nd. Barclays boosted their target price on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Truist Financial cut their price target on shares of State Street from $104.00 to $89.00 and set a “hold” rating on the stock in a report on Friday, April 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and an average price target of $103.54.

Insider Activity at State Street

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

State Street Stock Performance

Shares of STT opened at $81.39 on Monday. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock has a market cap of $23.49 billion, a P/E ratio of 9.88, a P/E/G ratio of 1.11 and a beta of 1.42. The business’s 50 day moving average price is $89.24 and its 200-day moving average price is $93.82.

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

State Street Dividend Announcement

The company also recently declared 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. This represents a $3.04 annualized dividend and a dividend yield of 3.74%. The ex-dividend date of this dividend was Tuesday, April 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.