JPMorgan Chase & Co. Has $822.89 Million Holdings in State Street Corporation $STT

JPMorgan Chase & Co. reduced its stake in shares of State Street Corporation (NYSE:STT) by 25.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 6,378,525 shares of the asset manager’s stock after selling 2,180,423 shares during the quarter. JPMorgan Chase & Co.’s holdings in State Street were worth $822,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Franklin Resources Inc. lifted its position in State Street by 3.7% in the third quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager’s stock worth $447,684,000 after purchasing an additional 137,049 shares during the period. Nordea Investment Management AB lifted its position in State Street by 15.4% in the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after purchasing an additional 377,568 shares during the period. First Trust Advisors LP lifted its position in State Street by 36.8% in the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock worth $318,754,000 after purchasing an additional 738,456 shares during the period. Norges Bank bought a new position in State Street in the fourth quarter worth $303,483,000. Finally, Barclays PLC lifted its position in State Street by 27.7% in the third quarter. Barclays PLC now owns 1,576,332 shares of the asset manager’s stock worth $182,870,000 after purchasing an additional 342,344 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Performance

State Street stock opened at $162.95 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a fifty day moving average price of $148.51 and a two-hundred day moving average price of $134.50. State Street Corporation has a 52-week low of $95.67 and a 52-week high of $164.05. The firm has a market capitalization of $45.10 billion, a P/E ratio of 16.53, a P/E/G ratio of 0.88 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same period in the prior year, the company posted $2.04 earnings per share. The business’s revenue for the quarter was up 15.6% compared to the same quarter last year. As a group, analysts anticipate that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Dividend Announcement

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 $0.84 dividend. The ex-dividend date 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 (DPR) is 34.08%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price for the company in a research report on Monday, April 6th. Royal Bank Of Canada raised their target price on State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a research report on Monday, April 20th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Barclays set a $165.00 target price on State Street in a research report on Monday, April 20th. Finally, Truist Financial raised their target price on State Street from $136.00 to $150.00 and gave the stock a “hold” rating in a research report on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.57.

Insiders Place Their Bets

In other news, EVP Michael L. Richards sold 1,500 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president directly owned 41,827 shares in the company, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer owned 255,512 shares of the company’s stock, valued at approximately $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 37,876 shares of company stock valued at $5,866,583. 0.27% of the stock is owned by corporate 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.