Neo Ivy Capital Management Sells 15,796 Shares of State Street Corporation $STT

Neo Ivy Capital Management lowered its holdings in shares of State Street Corporation (NYSE:STT) by 75.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,250 shares of the asset manager’s stock after selling 15,796 shares during the quarter. Neo Ivy Capital Management’s holdings in State Street were worth $609,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Regents of The University of California bought a new position in State Street in the third quarter valued at approximately $324,576,000. Jones Financial Companies Lllp increased its position in shares of State Street by 11.7% during the third quarter. Jones Financial Companies Lllp now owns 208,600 shares of the asset manager’s stock worth $24,139,000 after acquiring an additional 21,810 shares in the last quarter. Machina Capital S.A.S. bought a new stake in shares of State Street during the third quarter worth $2,622,000. AE Wealth Management LLC acquired a new stake in shares of State Street during the third quarter worth $6,611,000. Finally, Impax Asset Management Group plc raised its holdings in shares of State Street by 49.2% during the third quarter. Impax Asset Management Group plc now owns 127,984 shares of the asset manager’s stock worth $14,847,000 after acquiring an additional 42,198 shares during the period. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

Shares of STT opened at $120.85 on Friday. The stock has a market capitalization of $33.68 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 1.06 and a beta of 1.43. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The firm has a fifty day simple moving average of $129.61 and a 200 day simple moving average of $121.73. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the previous year, the business earned $2.60 EPS. The company’s revenue was up 7.5% compared to the same quarter last year. Research analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.8%. State Street’s payout ratio is currently 35.71%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on STT shares. The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Zacks Research downgraded 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 target on State Street in a report on Tuesday, January 20th. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research report on Saturday, January 17th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of State Street in a report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, State Street currently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

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.