State Street Corporation $STT Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC lowered its position in State Street Corporation (NYSE:STT) by 12.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 750,419 shares of the asset manager’s stock after selling 103,568 shares during the period. Hsbc Holdings PLC owned 0.27% of State Street worth $97,003,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Nordea Investment Management AB raised its holdings in State Street by 15.4% in the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock valued at $367,041,000 after acquiring an additional 377,568 shares during the last quarter. Clean Yield Group boosted its holdings in shares of State Street by 8,247.4% during the 4th quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock worth $2,477,000 after purchasing an additional 18,969 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of State Street during the 4th quarter worth approximately $1,959,000. DNB Asset Management AS grew its position in shares of State Street by 3.6% in the third quarter. DNB Asset Management AS now owns 395,501 shares of the asset manager’s stock valued at $45,882,000 after purchasing an additional 13,847 shares in the last quarter. Finally, Heritage Family Offices LLP purchased a new stake in shares of State Street in the fourth quarter valued at approximately $1,220,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Up 0.2%

Shares of NYSE:STT opened at $168.72 on Monday. The company has a market capitalization of $46.70 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 0.92 and a beta of 1.43. State Street Corporation has a 12-month low of $99.00 and a 12-month high of $174.66. The business has a 50-day moving average price of $154.68 and a 200 day moving average price of $137.39. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 13.47% and a return on equity of 14.22%. State Street’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.04 earnings per share. Sell-side analysts expect that State Street Corporation will post 12.35 EPS for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Stockholders of record on Wednesday, July 1st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio is currently 34.08%.

Analyst Ratings Changes

Several equities research analysts recently commented on STT shares. Morgan Stanley increased their price target on State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Royal Bank Of Canada upped their target price on State Street from $135.00 to $155.00 and gave the company a “sector perform” rating in a report on Monday, April 20th. Keefe, Bruyette & Woods raised their target price on State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, April 20th. Citigroup lifted their price target on State Street from $150.00 to $172.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Truist Financial boosted their price target on shares of State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research report on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $158.57.

Insider Activity at State Street

In related news, COO Mostapha Tahiri sold 9,611 shares of the stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the transaction, the chief operating officer owned 64,642 shares of the company’s stock, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction that occurred on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 37,876 shares of company stock worth $5,866,583. Company insiders own 0.27% of the company’s stock.

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.