California Public Employees Retirement System Sells 35,758 Shares of State Street Co. (NYSE:STT)

California Public Employees Retirement System cut its position in shares of State Street Co. (NYSE:STT) by 6.6% during the 4th quarter, Holdings Channel reports. The firm owned 509,050 shares of the asset manager’s stock after selling 35,758 shares during the quarter. California Public Employees Retirement System’s holdings in State Street were worth $49,963,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in STT. Townsquare Capital LLC bought a new position in shares of State Street in the third quarter valued at approximately $351,000. Rockefeller Capital Management L.P. grew its stake in State Street by 14.1% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 24,631 shares of the asset manager’s stock valued at $2,176,000 after purchasing an additional 3,037 shares during the period. Verition Fund Management LLC increased its position in shares of State Street by 57.3% during the 3rd quarter. Verition Fund Management LLC now owns 39,854 shares of the asset manager’s stock valued at $3,526,000 after purchasing an additional 14,517 shares during the last quarter. Hilltop Holdings Inc. raised its stake in shares of State Street by 12.8% during the 3rd quarter. Hilltop Holdings Inc. now owns 4,152 shares of the asset manager’s stock worth $367,000 after purchasing an additional 472 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC boosted its holdings in shares of State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after buying an additional 1,354,560 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

STT has been the subject of a number of research analyst reports. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Citigroup decreased their price target on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Morgan Stanley dropped their price objective on State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Truist Financial lowered their target price on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. Finally, Wells Fargo & Company dropped their price target on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $102.33.

Insider Transactions at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

State Street Stock Down 0.8 %

Shares of NYSE STT opened at $88.82 on Wednesday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a market cap of $25.62 billion, a P/E ratio of 10.78, a P/E/G ratio of 1.11 and a beta of 1.44. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The business has a 50-day simple moving average of $94.99 and a two-hundred day simple moving average of $94.65.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. State Street’s revenue was up 12.1% compared to the same quarter last year. During the same period last year, the business earned $2.04 earnings per share. Research analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.42%. State Street’s dividend payout ratio (DPR) is currently 36.89%.

About State Street

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.