Great Lakes Advisors LLC Decreases Stake in State Street Corporation $STT

Great Lakes Advisors LLC reduced its holdings in State Street Corporation (NYSE:STT) by 3.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 485,508 shares of the asset manager’s stock after selling 15,353 shares during the period. Great Lakes Advisors LLC’s holdings in State Street were worth $62,636,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of STT. Brighton Jones LLC purchased a new position in State Street during the fourth quarter worth about $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of State Street by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock valued at $2,885,000 after acquiring an additional 918 shares during the period. NewEdge Advisors LLC raised its stake in shares of State Street by 105.2% in the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock valued at $913,000 after acquiring an additional 5,226 shares during the period. Empowered Funds LLC raised its stake in shares of State Street by 220.1% in the 1st quarter. Empowered Funds LLC now owns 23,263 shares of the asset manager’s stock valued at $2,065,000 after acquiring an additional 15,996 shares during the period. Finally, Woodline Partners LP raised its stake in shares of State Street by 38.4% in the 1st quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after acquiring an additional 6,767 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

STT has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods boosted their price target on shares of State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Truist Financial boosted their price target on shares of State Street from $136.00 to $150.00 and gave the stock a “hold” rating in a report on Monday, April 20th. The Goldman Sachs Group boosted their price target on shares of State Street from $152.00 to $168.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Finally, Citigroup boosted their price target on shares of State Street from $150.00 to $172.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Three investment 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $158.57.

State Street Trading Up 1.8%

NYSE STT opened at $164.71 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52 week low of $95.67 and a 52 week high of $165.57. The stock has a market capitalization of $45.59 billion, a PE ratio of 16.70, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43. The firm has a 50 day moving average of $150.06 and a two-hundred day moving average of $135.20.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same quarter in the previous year, the business posted $2.04 EPS. The firm’s revenue was up 15.6% on a year-over-year basis. As a group, research analysts expect that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s payout ratio is currently 34.08%.

Insider Activity at State Street

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares in the company, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction that occurred on 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 sale, the chief operating officer owned 64,642 shares of the company’s stock, valued at $9,885,701.06. This represents a 12.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 37,876 shares of company stock worth $5,866,583 over the last 90 days. 0.27% of the stock is owned by corporate insiders.

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.