Integrated Advisors Network LLC Sells 18,749 Shares of State Street Corporation $STT

Integrated Advisors Network LLC lessened its holdings in shares of State Street Corporation (NYSE:STT) by 84.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,439 shares of the asset manager’s stock after selling 18,749 shares during the period. Integrated Advisors Network LLC’s holdings in State Street were worth $435,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of STT. Collaborative Fund Advisors LLC bought a new stake in shares of State Street during the 1st quarter worth approximately $439,000. Kathmere Capital Management LLC grew its position in State Street by 35.1% in the 1st quarter. Kathmere Capital Management LLC now owns 4,472 shares of the asset manager’s stock valued at $566,000 after acquiring an additional 1,163 shares during the last quarter. DGS Capital Management LLC increased its stake in State Street by 25.3% in the first quarter. DGS Capital Management LLC now owns 16,611 shares of the asset manager’s stock worth $2,102,000 after purchasing an additional 3,356 shares during the period. Argus Investors Counsel Inc. purchased a new stake in State Street in the first quarter worth $437,000. Finally, V Square Quantitative Management LLC lifted its position in shares of State Street by 4.7% during the first quarter. V Square Quantitative Management LLC now owns 10,044 shares of the asset manager’s stock worth $1,271,000 after purchasing an additional 455 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Key State Street News

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street was upgraded to a Zacks Rank #2 (Buy), reflecting stronger earnings outlooks and improving sentiment heading into earnings. All You Need to Know About State Street (STT) Rating Upgrade to Buy
• Positive Sentiment: Keefe, Bruyette & Woods raised its price target on State Street to $195 from $175 and maintained an outperform rating, suggesting meaningful upside from recent levels. State Street (NYSE:STT) Given New $195.00 Price Target at Keefe, Bruyette & Woods
• Positive Sentiment: Analysts are revising expectations higher ahead of Q2 results, with consensus pointing to earnings growth and the possibility of a beat if State Street delivers on estimates. Top Wall Street Forecasters Revamp State Street Expectations Ahead Of Q2 Earnings
• Neutral Sentiment: State Street is expected to report quarterly earnings next week, and investors are focused on whether the company can confirm the improved outlook with actual results. State Street (STT) to Release Earnings on Thursday
• Neutral Sentiment: Coverage noting renewed analyst optimism and upgraded estimates may reinforce the bullish setup, but it does not add new company-specific fundamentals by itself. How Investors May Respond To State Street (STT) Renewed Analyst Optimism And Upgraded Earnings Estimates

Insider Activity

In other State Street news, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the transaction, the executive vice president directly owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. The trade was a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Mostapha Tahiri sold 9,611 shares of the company’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total value of $1,469,810.23. Following the transaction, the chief operating officer directly owned 64,642 shares in the company, valued at approximately $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 37,876 shares of company stock worth $5,866,583. Insiders own 0.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on STT. Royal Bank Of Canada upped their price target on shares of State Street from $135.00 to $155.00 and gave the stock a “sector perform” rating in a report on Monday, April 20th. Morgan Stanley upped their target price on shares of State Street from $166.00 to $183.00 and gave the stock an “overweight” rating in a research note on Monday, June 29th. Barclays set a $165.00 price target on shares of State Street in a research note on Monday, April 20th. UBS Group set a $176.00 price objective on State Street in a report on Friday, June 26th. Finally, Truist Financial upped their target price on State Street from $150.00 to $176.00 and gave the stock a “hold” rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $173.91.

State Street Stock Up 0.2%

NYSE STT traded up $0.31 during midday trading on Friday, hitting $180.47. 2,064,243 shares of the company traded hands, compared to its average volume of 2,455,754. State Street Corporation has a 52 week low of $101.98 and a 52 week high of $183.32. The company’s 50-day simple moving average is $162.52 and its 200-day simple moving average is $142.28. The company has a market cap of $49.95 billion, a PE ratio of 18.30, a price-to-earnings-growth ratio of 0.93 and a beta of 1.42. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last issued 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. State Street had a return on equity of 14.22% and a net margin of 13.47%.The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the prior year, the business posted $2.04 EPS. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts forecast that State Street Corporation will post 12.75 earnings per share for the current year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Wednesday, July 1st. State Street’s payout ratio is 34.08%.

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.