Corient Private Wealth LP Sells 8,350 Shares of State Street Corporation $STT

Corient Private Wealth LP reduced its stake in shares of State Street Corporation (NYSE:STT) by 3.3% during the second quarter, Holdings Channel reports. The institutional investor owned 241,593 shares of the asset manager’s stock after selling 8,350 shares during the quarter. Corient Private Wealth LP’s holdings in State Street were worth $40,974,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of STT. Western Wealth Management LLC boosted its stake in shares of State Street by 3.1% during the first quarter. Western Wealth Management LLC now owns 2,001 shares of the asset manager’s stock valued at $253,000 after purchasing an additional 60 shares during the period. Arjuna Capital grew its holdings in shares of State Street by 0.4% in the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock worth $3,243,000 after purchasing an additional 95 shares during the last quarter. CX Institutional increased its stake in shares of State Street by 1.0% in the second quarter. CX Institutional now owns 9,788 shares of the asset manager’s stock worth $1,660,000 after buying an additional 98 shares during the period. Greenleaf Trust raised its holdings in State Street by 0.6% during the 2nd quarter. Greenleaf Trust now owns 17,295 shares of the asset manager’s stock valued at $2,933,000 after buying an additional 99 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its holdings in State Street by 0.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after buying an additional 100 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the topic of several recent analyst reports. UBS Group set a $176.00 price target on shares of State Street in a report on Friday, June 26th. Wells Fargo & Company upped their price target on State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Weiss Ratings reiterated a “buy (b+)” rating on shares of State Street in a report on Tuesday, August 25th. Evercore set a $200.00 target price on shares of State Street in a report on Monday, July 20th. Finally, Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

Trending Headlines about State Street

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

• Positive Sentiment: An analysis argues that State Street’s preferred shares offer an approximately 6.8% dividend yield, which could appeal to income-focused investors and highlight the company’s ability to support attractive capital returns. The article primarily concerns preferred securities, so the direct effect on STT common shares may be limited. State Street: 6.8% Preferred Dividend Yield Is Too Good To Ignore
• Positive Sentiment: State Street appointed Tim Helyar to lead its Asia-Pacific business effective September 10. The leadership change may support the company’s regional growth strategy in asset servicing and investment management, though no immediate financial impact was disclosed. State Street Corporation Announces Appointment of Tim Helyar to Head of Asia Pacific
• Neutral Sentiment: State Street and affiliated asset-management entities reported that their holdings fell below substantial-holder thresholds in IDP Education, Inghams Group, Sims, Breville Group, Greatland Resources, Amotiv, Austal, Elsight, Service Stream, and Smartgroup. These notices may reflect routine portfolio rebalancing, index changes, or client-driven trading; they do not necessarily represent a negative view of State Street or materially affect its earnings. State Street Ownership Disclosures
• Negative Sentiment: Harbor Mid Cap Value Fund trimmed its State Street position following the stock’s appreciation. The sale could create modest near-term supply and signals that at least one investor is taking profits, although it does not indicate a change in State Street’s fundamentals. Harbor Mid Cap Value Fund Trimmed State Street Following Appreciation

Insider Buying and Selling at State Street

In other State Street news, EVP W. Hu sold 9,758 shares of the business’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $184.52, for a total value of $1,800,546.16. Following the completion of the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This represents a 5.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.27% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $193.37 on Friday. The firm has a market cap of $53.12 billion, a P/E ratio of 17.05, a PEG ratio of 0.92 and a beta of 1.41. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $195.93. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a 50 day moving average of $186.78 and a 200 day moving average of $160.33.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The company’s revenue was up 23.3% compared to the same quarter last year. During the same period last year, the business posted $2.04 EPS. As a group, research analysts expect that State Street Corporation will post 13.76 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is 29.63%.

About State Street

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.