Arizona State Retirement System Sells 280 Shares of State Street Co. (NYSE:STT)

Arizona State Retirement System lessened its holdings in shares of State Street Co. (NYSE:STT) by 0.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 85,449 shares of the asset manager’s stock after selling 280 shares during the quarter. Arizona State Retirement System’s holdings in State Street were worth $8,387,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Farther Finance Advisors LLC raised its holdings in shares of State Street by 95.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,399 shares of the asset manager’s stock worth $301,000 after acquiring an additional 1,656 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of State Street by 2.6% during the third quarter. Janney Montgomery Scott LLC now owns 66,822 shares of the asset manager’s stock valued at $5,912,000 after buying an additional 1,682 shares during the last quarter. QRG Capital Management Inc. grew its holdings in State Street by 9.5% during the third quarter. QRG Capital Management Inc. now owns 26,018 shares of the asset manager’s stock worth $2,302,000 after buying an additional 2,261 shares in the last quarter. Principal Financial Group Inc. raised its position in State Street by 1.2% in the 3rd quarter. Principal Financial Group Inc. now owns 346,252 shares of the asset manager’s stock valued at $30,633,000 after buying an additional 4,052 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in State Street during the 3rd quarter valued at $54,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Down 0.1 %

Shares of NYSE STT opened at $89.72 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The business has a 50-day moving average of $97.91 and a 200-day moving average of $93.92. The firm has a market capitalization of $25.88 billion, a price-to-earnings ratio of 10.89, a PEG ratio of 1.11 and a beta of 1.44. State Street Co. has a 12 month low of $70.20 and a 12 month high of $103.00.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.04 EPS. Sell-side analysts expect that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.39%. State Street’s dividend payout ratio is presently 36.89%.

Insider Buying and Selling at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday. Barclays increased their price objective on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Morgan Stanley cut their target price on State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a research note on Thursday. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and upped their target price for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, Truist Financial dropped their price target on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $101.20.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.