Bridges Investment Management Inc. Decreases Stake in State Street Corporation $STT

Bridges Investment Management Inc. reduced its position in State Street Corporation (NYSE:STT) by 11.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,636 shares of the asset manager’s stock after selling 3,463 shares during the period. Bridges Investment Management Inc.’s holdings in State Street were worth $3,307,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Truist Financial boosted 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 reissued a “buy” rating and set a $170.00 price objective on shares of State Street in a research note on Monday, April 20th. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price objective on the stock in a research note on Monday, April 6th. Finally, Barclays set a $165.00 price objective on State Street in a research note on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, State Street presently has a consensus rating of “Moderate Buy” and an average target price of $158.57.

Insider Activity

In other news, COO Mostapha Tahiri sold 9,611 shares of the company’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 transaction, the chief operating officer owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP W. Bradford Hu sold 9,212 shares of the company’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 value of $1,431,084.20. Following the transaction, the executive vice president directly owned 59,552 shares in the company, valued at approximately $9,251,403.20. This represents a 13.40% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 52,476 shares of company stock valued at $7,624,925. 0.27% of the stock is currently owned by corporate insiders.

State Street Trading Down 1.0%

Shares of NYSE STT opened at $158.19 on Thursday. The business’s 50 day moving average is $145.54 and its two-hundred day moving average is $133.15. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. State Street Corporation has a 1-year low of $95.61 and a 1-year high of $161.79. The stock has a market capitalization of $43.78 billion, a P/E ratio of 16.04, a PEG ratio of 0.87 and a beta of 1.43.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. The company had revenue of $3.80 billion for 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%.The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.04 earnings per share. As a group, research analysts expect that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.1%. State Street’s dividend payout ratio is currently 34.08%.

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.