New York State Teachers Retirement System Acquires 26,862 Shares of State Street Corporation $STT

New York State Teachers Retirement System lifted its holdings in State Street Corporation (NYSE:STT) by 9.7% during the first quarter, Holdings Channel reports. The institutional investor owned 303,919 shares of the asset manager’s stock after acquiring an additional 26,862 shares during the quarter. New York State Teachers Retirement System’s holdings in State Street were worth $38,464,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Nordea Investment Management AB grew its holdings in State Street by 15.4% in the fourth quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock worth $367,041,000 after purchasing an additional 377,568 shares during the period. Clean Yield Group lifted its holdings in shares of State Street by 8,247.4% during the fourth quarter. Clean Yield Group now owns 19,199 shares of the asset manager’s stock valued at $2,477,000 after purchasing an additional 18,969 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of State Street during the fourth quarter valued at approximately $1,959,000. Heritage Family Offices LLP bought a new stake in shares of State Street in the 4th quarter worth approximately $1,220,000. Finally, Campbell Newman Asset Management Inc. bought a new stake in shares of State Street in the 4th quarter worth approximately $21,515,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Down 0.1%

NYSE:STT opened at $170.57 on Friday. The stock has a market cap of $47.21 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 0.92 and a beta of 1.42. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The company’s 50 day moving average price is $159.83 and its 200-day moving average price is $140.51. State Street Corporation has a 52 week low of $101.98 and a 52 week high of $175.46.

State Street (NYSE:STT) last announced its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.04 EPS. On average, equities research analysts forecast that State Street Corporation will post 12.53 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.0%. State Street’s dividend payout ratio (DPR) is presently 34.08%.

Analyst Ratings Changes

A number of research analysts recently weighed in on STT shares. Seaport Research Partners reaffirmed a “buy” rating and set a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Bank of America raised State Street from an “underperform” rating to a “neutral” rating and set a $143.00 target price on the stock in a report on Monday, April 6th. Argus increased their target price on State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Morgan Stanley raised their price target on State Street from $166.00 to $183.00 and gave the company an “overweight” rating in a report on Monday. Finally, Truist Financial lifted their price target on State Street from $150.00 to $176.00 and gave the stock a “hold” rating in a research report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, State Street presently has a consensus rating of “Moderate Buy” and an average price target of $166.84.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 3,000 shares of the stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the sale, the executive vice president directly owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This trade represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares of the company’s stock, valued at $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 37,876 shares of company stock worth $5,866,583 over the last three months. Company insiders own 0.27% of the company’s stock.

State Street Company 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.