State Street Corporation $STT Shares Sold by Waverly Advisors LLC

Waverly Advisors LLC cut its holdings in shares of State Street Corporation (NYSE:STT) by 7.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 36,385 shares of the asset manager’s stock after selling 2,895 shares during the quarter. Waverly Advisors LLC’s holdings in State Street were worth $6,171,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in STT. California State Teachers Retirement System grew its position in shares of State Street by 16,194.0% during the second quarter. California State Teachers Retirement System now owns 76,843,386 shares of the asset manager’s stock worth $13,032,638,000 after buying an additional 76,371,782 shares in the last quarter. BlackRock Inc. acquired a new stake in State Street in the second quarter valued at $4,139,389,000. Regents of The University of California boosted its stake in State Street by 211.2% during the 4th quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock valued at $1,123,186,000 after acquiring an additional 5,908,370 shares during the last quarter. Norges Bank bought a new position in State Street during the 4th quarter valued at $303,483,000. Finally, Legal & General Group Plc acquired a new position in State Street during the 2nd quarter worth $330,849,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP W. Hu sold 9,758 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ronald O’Hanley sold 14,553 shares of State Street stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the completion of the sale, the chief executive officer owned 240,959 shares in the company, valued at approximately $44,377,419.03. This represents a 5.70% decrease in their ownership of the stock. 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. 0.27% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their target price on shares of State Street from $196.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Zacks Research raised shares of State Street from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 21st. Morgan Stanley lifted their price target on State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Barclays boosted their price objective on State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Finally, Truist Financial reaffirmed a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a report on Friday, July 17th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $185.38.

More State Street News

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

• Positive Sentiment: State Street appointed Tim Helyar as head of Asia Pacific, effective September 10. The move could support growth and client relationships in a strategically important region, although no financial targets were provided. State Street appoints Tim Helyar as Head of Asia Pacific
• Neutral Sentiment: State Street and its asset-management and custody subsidiaries reported ceasing to be substantial holders in several Australian and U.K. companies, including IDP Education, Inghams Group, Sims, Breville Group, Greatland Resources, Amotiv, Austal, Elsight, Service Stream and Smartgroup. These filings primarily reflect client portfolio rebalancing or changes in managed positions, rather than a change in State Street’s operating outlook. State Street holding disclosures
• Neutral Sentiment: The SPDR Straits Times Index ETF reiterated its index-tracking mandate and investor-risk disclosures. The update is routine for State Street’s ETF business and does not indicate a material change in strategy. SPDR Straits Times Index ETF update
• Negative Sentiment: Harbor Mid Cap Value Fund reduced its State Street position after the shares appreciated. The transaction may create limited selling pressure and suggests at least one institutional investor is taking profits, but it does not represent a change in State Street’s business outlook. Harbor Mid Cap Value Fund trimmed State Street

State Street Trading Down 0.1%

NYSE:STT opened at $191.64 on Friday. State Street Corporation has a 12-month low of $104.64 and a 12-month high of $195.93. The firm has a market capitalization of $52.64 billion, a P/E ratio of 16.90, a P/E/G ratio of 0.91 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. The business has a 50 day simple moving average of $186.32 and a 200 day simple moving average of $160.10.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping the consensus estimate of $3.34 by $0.31. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.The firm’s revenue for the quarter was up 23.3% on a year-over-year basis. During the same period last year, the company earned $2.04 earnings per share. Equities research analysts predict that State Street Corporation will post 13.76 EPS for the current year.

State Street Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 13th. Stockholders of record on Thursday, October 1st will be given a dividend of $0.92 per share. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, October 1st. State Street’s payout ratio is currently 29.63%.

About State Street

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.