State Street Corporation $STT Shares Sold by Metropolis Capital Ltd

Metropolis Capital Ltd lowered its stake in shares of State Street Corporation (NYSE:STT) by 1.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,947,139 shares of the asset manager’s stock after selling 45,172 shares during the quarter. State Street comprises approximately 14.4% of Metropolis Capital Ltd’s investment portfolio, making the stock its biggest position. Metropolis Capital Ltd’s holdings in State Street were worth $457,908,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. AlphaCore Capital LLC lifted its position in shares of State Street by 103.5% during the 2nd quarter. AlphaCore Capital LLC now owns 468 shares of the asset manager’s stock valued at $50,000 after acquiring an additional 238 shares during the period. Elevation Point Wealth Partners LLC acquired a new position in State Street in the second quarter valued at about $52,000. CVA Family Office LLC lifted its position in State Street by 45.8% during the second quarter. CVA Family Office LLC now owns 560 shares of the asset manager’s stock worth $60,000 after purchasing an additional 176 shares during the period. Soundwatch Capital LLC acquired a new stake in State Street during the second quarter worth about $76,000. Finally, Sarver Vrooman Wealth Advisors bought a new position in State Street in the 2nd quarter valued at about $77,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

Shares of STT opened at $131.67 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.03. The stock has a market cap of $36.78 billion, a PE ratio of 13.93, a PEG ratio of 1.22 and a beta of 1.44. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $133.00. The business has a 50-day simple moving average of $120.87 and a two-hundred day simple moving average of $114.33.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share for the quarter, topping the consensus estimate of $2.57 by $0.21. The company had revenue of $3.55 billion for the quarter, compared to analysts’ expectations of $3.43 billion. State Street had a return on equity of 13.37% and a net margin of 13.14%.The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business posted $2.26 earnings per share. Analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 12th. Stockholders of record on Friday, January 2nd will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, January 2nd. State Street’s payout ratio is 35.56%.

Analyst Ratings Changes

A number of research analysts recently issued reports on STT shares. Citigroup reissued a “buy” rating on shares of State Street in a research note on Tuesday. The Goldman Sachs Group lifted their price target on State Street from $109.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a report on Wednesday, October 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $168.00 price objective on shares of State Street in a research note on Tuesday, December 16th. Finally, TD Cowen started coverage on State Street in a research note on Thursday, September 25th. They set a “buy” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $129.00.

Insider Buying and Selling at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the completion of the sale, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

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.