State Street Corporation $STT Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. cut its holdings in State Street Corporation (NYSE:STT) by 21.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,258 shares of the asset manager’s stock after selling 7,330 shares during the quarter. Pacer Advisors Inc.’s holdings in State Street were worth $3,517,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Regents of The University of California boosted its position in shares of State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Norges Bank bought a new stake in shares of State Street in the 4th quarter worth approximately $303,483,000. Pinebridge Investments LLC acquired a new stake in State Street during the fourth quarter valued at approximately $178,705,000. Victory Capital Management Inc. lifted its stake in State Street by 30.8% during the fourth quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock valued at $588,227,000 after purchasing an additional 1,074,174 shares during the last quarter. Finally, Two Sigma Investments LP boosted its holdings in State Street by 261.0% during the third quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after buying an additional 880,507 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting State Street

Here are the key news stories impacting State Street this week:

• Neutral Sentiment: State Street exited or reduced substantial holdings in several companies, including Smartgroup, Aussie Broadband, Deterra Royalties, Electro Optic Systems, Super Retail Group, Austal, Bapcor, Bega Cheese, and Clarity Pharmaceuticals. These are disclosure items tied to asset management positions, not State Street’s own earnings or guidance. Article: State Street exits substantial holding in Smartgroup
• Neutral Sentiment: State Street SPDR Straits Times Index ETF issued an updated prospectus for its Singapore benchmark fund, another routine fund-management update that is unlikely to have a major direct impact on STT’s near-term fundamentals. Article: State Street SPDR STI ETF issues updated prospectus for Singapore benchmark fund

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, April 21st. Truist Financial raised their price objective on State Street from $136.00 to $150.00 and gave the stock a “hold” rating in a research note on Monday, April 20th. Seaport Research Partners restated a “buy” rating and issued a $170.00 target price on shares of State Street in a report on Monday, April 20th. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Finally, Morgan Stanley upped their target price on State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $159.97.

Insiders Place Their Bets

In other news, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares in the company, valued at $9,885,701.06. This represents a 12.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was 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 directly owned 255,512 shares of the company’s stock, valued at $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 37,876 shares of company stock worth $5,866,583. Insiders own 0.27% of the company’s stock.

State Street Price Performance

STT opened at $174.13 on Wednesday. The stock has a fifty day moving average of $156.07 and a 200-day moving average of $138.15. The firm has a market capitalization of $48.19 billion, a P/E ratio of 17.66, a PEG ratio of 0.95 and a beta of 1.43. State Street Corporation has a 12-month low of $101.84 and a 12-month high of $175.46. 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 (NYSE:STT) last issued its 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. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.State Street’s revenue was up 15.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.04 earnings per share. Equities analysts forecast that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s payout ratio is 34.08%.

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.