Russell Investments Group Ltd. Reduces Stock Position in State Street Corporation $STT

Russell Investments Group Ltd. lessened its position in State Street Corporation (NYSE:STT) by 43.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 239,133 shares of the asset manager’s stock after selling 181,489 shares during the period. Russell Investments Group Ltd. owned 0.09% of State Street worth $27,772,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of STT. True Wealth Design LLC raised its stake in shares of State Street by 166.3% during the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock valued at $29,000 after acquiring an additional 158 shares during the last quarter. Flagship Wealth Advisors LLC bought a new stake in shares of State Street in the third quarter worth about $35,000. SJS Investment Consulting Inc. increased its holdings in State Street by 2,142.9% during the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 300 shares during the period. Ameriflex Group Inc. increased its holdings in State Street by 102.5% during the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock valued at $37,000 after purchasing an additional 161 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC raised its position in 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 during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

State Street stock opened at $123.11 on Friday. The stock’s 50 day simple moving average is $129.07 and its two-hundred day simple moving average is $121.96. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.61 and a current ratio of 0.61. The stock has a market cap of $34.31 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 1.10 and a beta of 1.43. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $137.05.

State Street (NYSE:STT) last announced its earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The business’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.60 EPS. As a group, analysts expect that State Street Corporation 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 will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, April 1st. State Street’s dividend payout ratio is presently 35.71%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Loop Capital set a $144.00 price objective on State Street in a report on Tuesday, January 6th. TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Zacks Research downgraded State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Morgan Stanley dropped their price target on State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Finally, Truist Financial set a $136.00 price target on shares of State Street in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and an average price target of $135.83.

Insider Transactions at State Street

In other State Street news, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the transaction, the executive vice president owned 56,162 shares of the company’s stock, valued at approximately $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company’s stock.

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.