Legal & General Group Plc Decreases Stake in State Street Corporation $STT

Legal & General Group Plc cut its holdings in shares of State Street Corporation (NYSE:STT) by 0.6% in the 3rd quarter, Holdings Channel reports. The fund owned 1,953,023 shares of the asset manager’s stock after selling 11,819 shares during the period. Legal & General Group Plc’s holdings in State Street were worth $226,570,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of STT. True Wealth Design LLC lifted its stake in shares of State Street by 166.3% in the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after acquiring an additional 158 shares in the last quarter. Flagship Wealth Advisors LLC acquired a new stake in State Street during the 3rd quarter valued at approximately $35,000. SJS Investment Consulting Inc. grew its stake in State Street by 2,142.9% during the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Ameriflex Group Inc. increased its holdings in State Street by 102.5% during the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock worth $37,000 after purchasing an additional 161 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC increased its holdings in State Street by 38.2% during the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock worth $39,000 after purchasing an additional 94 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on STT shares. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Morgan Stanley dropped their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. TD Cowen reaffirmed a “buy” rating on shares of State Street in a report on Wednesday, January 7th. Citigroup began coverage on shares of State Street in a research note on Monday, February 23rd. They set a “buy” rating and a $150.00 price objective on the stock. Finally, Truist Financial set a $136.00 price objective on State Street in a report on Tuesday, January 20th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus target price of $135.83.

Insider Transactions at State Street

In other State Street news, EVP John Plansky sold 16,100 shares of State Street stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total value of $2,001,552.00. Following the completion of the transaction, the executive vice president directly owned 56,162 shares in the company, valued at $6,982,059.84. The trade was a 22.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.29% of the stock is owned by corporate insiders.

State Street Stock Down 2.3%

STT stock opened at $123.11 on Friday. The firm has a market cap of $34.31 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 1.10 and a beta of 1.43. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $137.05. The firm has a fifty day moving average price of $129.07 and a two-hundred day moving average price of $121.96. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.61 and a quick ratio of 0.61.

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

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Shareholders of record on Wednesday, April 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. State Street’s dividend payout ratio (DPR) is currently 35.71%.

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.