Corebridge Financial Inc. Sells 4,754 Shares of State Street Co. (NYSE:STT)

Corebridge Financial Inc. trimmed its stake in State Street Co. (NYSE:STT) by 6.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 69,411 shares of the asset manager’s stock after selling 4,754 shares during the quarter. Corebridge Financial Inc.’s holdings in State Street were worth $6,813,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Albion Financial Group UT bought a new position in State Street in the 4th quarter worth about $25,000. Y.D. More Investments Ltd lifted its stake in shares of State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after buying an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of State Street in the fourth quarter worth approximately $42,000. Friedenthal Financial bought a new stake in shares of State Street during the fourth quarter valued at approximately $49,000. Finally, Hager Investment Management Services LLC purchased a new position in State Street in the 4th quarter worth approximately $56,000. 87.44% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on STT shares. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Morgan Stanley decreased their target price on State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Citigroup dropped their price target on shares of State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Finally, Wells Fargo & Company lowered their price objective on shares of State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus target price of $101.53.

State Street Trading Down 3.1 %

State Street stock opened at $88.95 on Friday. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The firm has a market capitalization of $25.66 billion, a price-to-earnings ratio of 10.80, a P/E/G ratio of 1.11 and a beta of 1.44. The firm has a 50 day moving average of $95.35 and a 200 day moving average of $94.40. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.04 earnings per share. As a group, research analysts predict that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.42%. State Street’s dividend payout ratio is presently 36.89%.

Insider Activity

In other State Street news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares of the company’s stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

State Street Company Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.