Great Lakes Advisors LLC Sells 15,353 Shares of State Street Corporation $STT

Great Lakes Advisors LLC lowered its position in shares of State Street Corporation (NYSE:STT) by 3.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 485,508 shares of the asset manager’s stock after selling 15,353 shares during the period. Great Lakes Advisors LLC owned approximately 0.17% of State Street worth $62,636,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in STT. JPL Wealth Management LLC purchased a new stake in State Street in the third quarter worth approximately $29,000. Measured Wealth Private Client Group LLC bought a new position in State Street in the 3rd quarter worth $35,000. Ameriflex Group Inc. boosted its holdings in State Street by 102.5% in the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock worth $37,000 after buying an additional 161 shares during the period. Board of the Pension Protection Fund bought a new position in State Street in the 4th quarter worth $39,000. Finally, Stance Capital LLC purchased a new stake in State Street in the 3rd quarter worth $44,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 1.8%

NYSE STT opened at $164.71 on Friday. The company has a fifty day simple moving average of $150.06 and a two-hundred day simple moving average of $135.20. The stock has a market cap of $45.59 billion, a P/E ratio of 16.70, a P/E/G ratio of 0.88 and a beta of 1.43. State Street Corporation has a 12-month low of $95.67 and a 12-month high of $165.57. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.04.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The business had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The business’s quarterly revenue was up 15.6% on a year-over-year basis. During the same quarter last year, the company posted $2.04 earnings per share. On average, analysts forecast that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.0%. The ex-dividend date is Wednesday, July 1st. State Street’s dividend payout ratio (DPR) is currently 34.08%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Citigroup upped their target price on shares of State Street from $150.00 to $172.00 and gave the company a “buy” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. upped their target price on shares of State Street from $137.50 to $158.50 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Morgan Stanley upped their target price on shares of State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a research note on Monday, April 20th. Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Finally, Truist Financial increased their price objective on shares of State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 20th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.57.

Insider Activity

In other news, EVP W. Bradford Hu sold 9,212 shares of State Street stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $1,431,084.20. Following the sale, the executive vice president owned 59,552 shares in the company, valued at $9,251,403.20. This trade represents a 13.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares in the company, valued at approximately $39,693,789.20. This trade represents a 5.39% 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 37,876 shares of company stock worth $5,866,583 in the last ninety days. Corporate insiders own 0.27% of the company’s stock.

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.