Wedge Capital Management L L P NC Has $35.40 Million Holdings in State Street Corporation $STT

Wedge Capital Management L L P NC cut its holdings in shares of State Street Corporation (NYSE:STT) by 16.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 208,736 shares of the asset manager’s stock after selling 42,410 shares during the quarter. Wedge Capital Management L L P NC’s holdings in State Street were worth $35,402,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in STT. Brighton Jones LLC bought a new position in State Street during the 4th quarter worth $296,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of State Street by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,223 shares of the asset manager’s stock worth $2,885,000 after purchasing an additional 918 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of State Street by 105.2% during the 1st quarter. NewEdge Advisors LLC now owns 10,193 shares of the asset manager’s stock worth $913,000 after purchasing an additional 5,226 shares in the last quarter. Empowered Funds LLC increased 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 purchasing an additional 15,996 shares during the period. Finally, Woodline Partners LP raised its stake in State Street by 38.4% in the first quarter. Woodline Partners LP now owns 24,372 shares of the asset manager’s stock valued at $2,182,000 after purchasing an additional 6,767 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Up 0.3%

Shares of NYSE:STT opened at $187.22 on Wednesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a 52-week low of $104.64 and a 52-week high of $192.51. The business’s 50 day simple moving average is $175.87 and its two-hundred day simple moving average is $150.54. The firm has a market cap of $51.43 billion, a P/E ratio of 16.51, a PEG ratio of 0.77 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. During the same quarter last year, the firm posted $2.04 EPS. State Street’s revenue was up 23.3% compared to the same quarter last year. As a group, research analysts forecast that State Street Corporation will post 13.75 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. The ex-dividend date of this dividend is Thursday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. State Street’s payout ratio is presently 32.45%.

Insider Buying and Selling

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the sale, the executive vice president directly owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total value of $2,680,226.01. Following the completion of the sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at approximately $44,377,419.03. This trade represents a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 49,576 shares of company stock worth $8,415,875 in the last quarter. Insiders own 0.27% of the company’s stock.

Analyst Ratings Changes

STT has been the subject of several recent analyst reports. Argus upped their price objective on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Seaport Research Partners reissued a “buy” rating and issued a $170.00 price objective on shares of State Street in a research note on Monday, April 20th. Truist Financial restated a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Royal Bank Of Canada raised their target price on State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a report on Friday, July 17th. Finally, Citigroup upped their price objective on State Street from $193.00 to $210.00 and gave the stock a “buy” rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $185.38.

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.