American Capital Advisory LLC Sells 3,549 Shares of State Street Corporation $STT

American Capital Advisory LLC trimmed its stake in shares of State Street Corporation (NYSE:STT) by 15.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,918 shares of the asset manager’s stock after selling 3,549 shares during the quarter. State Street makes up 1.0% of American Capital Advisory LLC’s holdings, making the stock its 20th biggest holding. American Capital Advisory LLC’s holdings in State Street were worth $2,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Regents of The University of California boosted its holdings in State Street by 211.2% in the fourth 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 acquiring an additional 5,908,370 shares during the last quarter. Norges Bank bought a new position in State Street during the fourth quarter worth $303,483,000. Pinebridge Investments LLC acquired a new position in State Street in the fourth quarter valued at $178,705,000. Victory Capital Management Inc. lifted its holdings in State Street by 30.8% in 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 buying an additional 1,074,174 shares during the period. Finally, Two Sigma Investments LP boosted its position 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 valued at $141,277,000 after acquiring an additional 880,507 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

Shares of NYSE:STT opened at $179.89 on Wednesday. State Street Corporation has a twelve month low of $101.98 and a twelve month high of $180.86. The stock’s 50 day moving average is $160.90 and its 200-day moving average is $141.30. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $49.79 billion, a price-to-earnings ratio of 18.24, a PEG ratio of 0.95 and a beta of 1.42.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter last year, the firm posted $2.04 EPS. State Street’s revenue was up 15.6% compared to the same quarter last year. Sell-side analysts forecast that State Street Corporation will post 12.56 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. Stockholders of record on Wednesday, July 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 annualized dividend and a dividend yield of 1.9%. State Street’s payout ratio is presently 34.08%.

Analyst Ratings Changes

STT has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their price objective on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Morgan Stanley upped their target price on State Street from $166.00 to $183.00 and gave the company an “overweight” rating in a research report on Monday, June 29th. Citigroup lifted their target price on State Street from $172.00 to $193.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Zacks Research lowered State Street from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Truist Financial increased their price target on State Street from $150.00 to $176.00 and gave the stock a “hold” rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, State Street currently has a consensus rating of “Moderate Buy” and a consensus target price of $172.66.

Key State Street News

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

• Positive Sentiment: Bank of America raised its price target on State Street to $190 from $160, reinforcing a still-cautious but improved view and suggesting additional upside from current levels. Benzinga article
• Positive Sentiment: JPMorgan also lifted its price target on State Street to $176.50 from $158.50, signaling that analysts see the bank’s valuation improving even though the rating remains neutral. Benzinga article
• Positive Sentiment: Financial-sector stocks are being bid up into earnings, and Wall Street commentary suggests the sector’s recent strength may be justified, which can support State Street’s shares as a large financial name. Investopedia article
• Neutral Sentiment: State Street was highlighted by Zacks as a momentum name, which may attract traders, but the note appears more screening-oriented than fundamentally new. Zacks article
• Neutral Sentiment: Several filings showed State Street’s asset-management units no longer hold substantial positions in a few small Australian companies, but these disclosures do not appear material to STT’s near-term earnings outlook. TipRanks article

Insider Buying and Selling at State Street

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street 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 $2,260,808.55. Following the transaction, the chief executive officer directly 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 37,876 shares of company stock worth $5,866,583. 0.27% of the stock is currently owned by insiders.

State Street Company 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.