California State Teachers Retirement System Trims Holdings in State Street Corporation $STT

California State Teachers Retirement System reduced its stake in State Street Corporation (NYSE:STT) by 3.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 471,604 shares of the asset manager’s stock after selling 15,293 shares during the quarter. California State Teachers Retirement System owned 0.17% of State Street worth $59,686,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Royal Bank of Canada raised its position in State Street by 24.2% in the first quarter. Royal Bank of Canada now owns 678,924 shares of the asset manager’s stock valued at $85,924,000 after purchasing an additional 132,493 shares during the period. Empowered Funds LLC boosted its position in shares of State Street by 104.4% during the first quarter. Empowered Funds LLC now owns 88,678 shares of the asset manager’s stock worth $11,149,000 after buying an additional 45,303 shares during the period. Quantinno Capital Management LP boosted its position in shares of State Street by 32.7% during the first quarter. Quantinno Capital Management LP now owns 582,239 shares of the asset manager’s stock worth $73,688,000 after buying an additional 143,357 shares during the period. OMERS ADMINISTRATION Corp boosted its position in shares of State Street by 18.0% during the first quarter. OMERS ADMINISTRATION Corp now owns 33,664 shares of the asset manager’s stock worth $4,261,000 after buying an additional 5,147 shares during the period. Finally, Themes Management Co LLC grew its stake in shares of State Street by 4.6% in the first quarter. Themes Management Co LLC now owns 7,877 shares of the asset manager’s stock valued at $990,000 after buying an additional 347 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

STT has been the topic of several research reports. Keefe, Bruyette & Woods increased their target price on State Street from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Friday, July 17th. Wells Fargo & Company lifted their target price on State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Morgan Stanley boosted their price target on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Truist Financial reissued a “hold” rating and set a $191.00 price target (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Finally, Bank of America increased their price target on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, State Street presently has an average rating of “Moderate Buy” and a consensus price target of $184.72.

Insider Buying and Selling at State Street

In other news, EVP W. Bradford Hu sold 9,758 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president owned 49,794 shares of the company’s stock, valued at approximately $9,187,988.88. This trade represents a 16.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated 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 sale, the chief executive officer owned 240,959 shares in the company, valued at $44,377,419.03. This trade represents a 5.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 49,576 shares of company stock worth $8,415,875 over the last ninety days. Corporate insiders own 0.27% of the company’s stock.

State Street Trading Up 3.9%

NYSE:STT opened at $182.93 on Friday. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $192.51. The firm has a market cap of $50.63 billion, a PE ratio of 16.13, a price-to-earnings-growth ratio of 0.73 and a beta of 1.42. The company has a current ratio of 0.59, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock has a fifty day moving average price of $171.34 and a 200 day moving average price of $147.45.

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 analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.State Street’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.04 EPS. Sell-side analysts anticipate that State Street Corporation will post 13.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed 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. This is an increase from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $3.68 annualized dividend and a dividend yield of 2.0%. State Street’s dividend payout ratio is presently 32.45%.

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.