Shell Asset Management Co. Sells 14,909 Shares of State Street Corporation $STT

Shell Asset Management Co. reduced its position in shares of State Street Corporation (NYSE:STT) by 59.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,320 shares of the asset manager’s stock after selling 14,909 shares during the period. Shell Asset Management Co.’s holdings in State Street were worth $1,197,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in STT. Invesco Ltd. lifted its position in shares of State Street by 4.7% during the 2nd quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock worth $910,934,000 after buying an additional 381,547 shares in the last quarter. Dodge & Cox increased its position in shares of State Street by 1.1% during the second quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after acquiring an additional 80,855 shares during the last quarter. Geode Capital Management LLC lifted its holdings in State Street by 0.4% during the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock worth $784,930,000 after acquiring an additional 27,098 shares during the period. Regents of The University of California purchased a new position in State Street in the third quarter worth $324,576,000. Finally, Nordea Investment Management AB grew its stake in State Street by 7.8% in the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock valued at $283,343,000 after purchasing an additional 178,136 shares during the period. 87.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

STT has been the subject of several research analyst reports. Truist Financial set a $136.00 target price on State Street in a research report on Tuesday, January 20th. Loop Capital set a $144.00 price objective on shares of State Street in a report on Tuesday, January 6th. TD Cowen reaffirmed a “buy” rating on shares of State Street in a research report on Wednesday, January 7th. Morgan Stanley dropped their target price on shares of State Street from $168.00 to $164.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 20th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of State Street in a research note on Wednesday, January 21st. One research 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 company’s stock. According to MarketBeat, State Street has an average rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Price Performance

Shares of NYSE:STT opened at $127.89 on Monday. The firm has a market capitalization of $35.72 billion, a PE ratio of 13.59, a P/E/G ratio of 1.12 and a beta of 1.43. 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 company has a 50-day moving average price of $129.98 and a two-hundred day moving average price of $120.04. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $137.05.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 EPS for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. State Street’s revenue was up 7.5% compared to the same quarter last year. During the same period in the prior year, the company posted $2.60 EPS. Equities analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

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

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.