State Street Corporation $STT Position Cut by Great Lakes Advisors LLC

Great Lakes Advisors LLC decreased its position in shares of State Street Corporation (NYSE:STT) by 1.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 500,861 shares of the asset manager’s stock after selling 6,317 shares during the quarter. Great Lakes Advisors LLC’s holdings in State Street were worth $58,105,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Nordea Investment Management AB boosted its stake in State Street by 2.2% during the second quarter. Nordea Investment Management AB now owns 2,273,567 shares of the asset manager’s stock valued at $241,862,000 after buying an additional 49,475 shares in the last quarter. Rakuten Investment Management Inc. acquired a new stake in State Street in the 3rd quarter valued at about $1,353,000. Boston Common Asset Management LLC bought a new position in shares of State Street during the 3rd quarter valued at about $7,848,000. Pacific Heights Asset Management LLC grew its stake in shares of State Street by 32.1% in the 3rd quarter. Pacific Heights Asset Management LLC now owns 185,000 shares of the asset manager’s stock worth $21,462,000 after purchasing an additional 45,000 shares during the last quarter. Finally, Milestone Asset Management LLC bought a new stake in shares of State Street in the 3rd quarter worth approximately $4,048,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

Shares of State Street stock opened at $128.12 on Thursday. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The company has a quick ratio of 0.59, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. The stock has a market cap of $35.78 billion, a PE ratio of 13.61, a price-to-earnings-growth ratio of 1.12 and a beta of 1.43. The business has a fifty day simple moving average of $126.91 and a 200-day simple moving average of $118.18.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. During the same period in the previous year, the firm earned $2.60 earnings per share. State Street’s quarterly revenue was up 7.5% on a year-over-year basis. On average, sell-side analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s dividend payout ratio is 35.71%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on STT. Zacks Research cut shares of State Street from a “strong-buy” rating to a “hold” rating in a report on Monday, December 1st. Truist Financial set a $136.00 price objective on State Street in a research note on Tuesday, January 20th. Loop Capital set a $144.00 target price on State Street in a report on Tuesday, January 6th. Wells Fargo & Company upped their target price on State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a report on Monday, October 20th. Finally, TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus price target of $135.83.

About State Street

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.