Shell Asset Management Co. Sells 14,909 Shares of State Street Corporation $STT

Shell Asset Management Co. trimmed its position in State Street Corporation (NYSE:STT) by 59.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,320 shares of the asset manager’s stock after selling 14,909 shares during the quarter. Shell Asset Management Co.’s holdings in State Street were worth $1,197,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Brown Advisory Inc. increased its holdings in State Street by 0.5% during the 2nd quarter. Brown Advisory Inc. now owns 17,224 shares of the asset manager’s stock worth $1,832,000 after acquiring an additional 93 shares during the period. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of State Street by 38.2% during the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock valued at $39,000 after purchasing an additional 94 shares in the last quarter. Global Retirement Partners LLC increased its holdings in shares of State Street by 7.7% in the third quarter. Global Retirement Partners LLC now owns 1,470 shares of the asset manager’s stock worth $171,000 after purchasing an additional 105 shares during the period. Security National Bank of SO Dak raised its position in shares of State Street by 0.5% in the second quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock worth $2,289,000 after buying an additional 105 shares in the last quarter. Finally, Harbour Investments Inc. boosted its stake in State Street by 11.7% during the second quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock valued at $108,000 after buying an additional 106 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Up 1.3%

Shares of STT opened at $127.89 on Monday. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $137.05. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.59. The stock has a 50 day simple moving average of $129.98 and a two-hundred day simple moving average of $120.04. The firm has a market cap of $35.72 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.12 and a beta of 1.43.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, topping analysts’ consensus estimates of $2.82 by $0.15. State Street had a net margin of 13.02% and a return on equity of 13.46%. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.57 billion. During the same period in the previous year, the business posted $2.60 EPS. The business’s quarterly revenue was up 7.5% on a year-over-year basis. On average, analysts forecast that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s dividend payout ratio (DPR) is 35.71%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on STT. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 1st. Truist Financial set a $136.00 price objective on State Street in a report on Tuesday, January 20th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. TD Cowen reiterated a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Finally, Wall Street Zen raised shares of State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $135.83.

About State Street

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.