State Street Co. (NYSE:STT) Shares Sold by Arcadia Investment Management Corp MI

Jul 01, 2023

Arcadia Investment Management Corp MI decreased its holdings in State Street Co. (NYSE:STT - Free Report) by 49.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 5,000 shares of the asset manager's stock after selling 4,800 shares during the quarter. Arcadia Investment Management Corp MI's holdings in State Street were worth $378,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. FNY Investment Advisers LLC acquired a new stake in State Street during the first quarter valued at approximately $28,000. International Assets Investment Management LLC acquired a new stake in State Street during the first quarter valued at approximately $34,000. New Hampshire Trust acquired a new stake in State Street during the fourth quarter valued at approximately $35,000. City Holding Co. acquired a new stake in State Street during the first quarter valued at approximately $40,000. Finally, OLD Mission Capital LLC acquired a new stake in State Street during the fourth quarter valued at approximately $42,000. Institutional investors and hedge funds own 89.39% of the company's stock.

Several brokerages have issued reports on STT. StockNews.com began coverage on State Street in a research note on Thursday, May 18th. They set a "hold" rating on the stock. Bank of America lowered their target price on State Street from $80.00 to $72.00 in a report on Sunday, July 16th. JPMorgan Chase & Co. lowered State Street from a "neutral" rating to an "underweight" rating and lowered their target price for the company from $78.50 to $71.00 in a report on Monday, July 17th. Morgan Stanley lowered their target price on State Street from $91.00 to $81.00 and set an "equal weight" rating for the company in a report on Tuesday, July 18th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on State Street from $72.00 to $64.00 in a research note on Monday, July 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, State Street currently has an average rating of "Hold" and a consensus price target of $76.17.

View Our Latest Stock Analysis on STT

In related news, EVP Michael L. Richards sold 1,814 shares of the firm's stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $68.17, for a total value of $123,660.38. Following the completion of the sale, the executive vice president now owns 33,197 shares of the company's stock, valued at $2,263,039.49. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Eric W. Aboaf sold 11,899 shares of State Street stock in a transaction on Friday, May 19th. The shares were sold at an average price of $68.28, for a total transaction of $812,463.72. Following the transaction, the chief financial officer now owns 157,860 shares in the company, valued at $10,778,680.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael L. Richards sold 1,814 shares of the business's stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $68.17, for a total transaction of $123,660.38. Following the sale, the executive vice president now directly owns 33,197 shares of the company's stock, valued at $2,263,039.49. The disclosure for this sale can be found here. Corporate insiders own 0.25% of the company's stock.

Shares of NYSE STT traded up $0.29 during mid-day trading on Thursday, hitting $73.00. The company had a trading volume of 2,926,530 shares, compared to its average volume of 2,945,572. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.51 and a quick ratio of 0.52. The business's 50-day simple moving average is $72.06 and its 200-day simple moving average is $76.94. State Street Co. has a 12 month low of $58.62 and a 12 month high of $94.74. The firm has a market cap of $23.26 billion, a P/E ratio of 9.83, a PEG ratio of 2.13 and a beta of 1.57.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Friday, July 14th. The asset manager reported $2.17 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.09. State Street had a net margin of 16.99% and a return on equity of 12.20%. The business had revenue of $3.11 billion during the quarter, compared to analysts' expectations of $3.14 billion. During the same quarter last year, the company earned $1.94 earnings per share. The firm's revenue was up 5.3% on a year-over-year basis. As a group, analysts predict that State Street Co. will post 7.29 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Monday, October 2nd will be paid a dividend of $0.69 per share. This is a boost from State Street's previous quarterly dividend of $0.63. The ex-dividend date of this dividend is Friday, September 29th. This represents a $2.76 dividend on an annualized basis and a yield of 3.78%. State Street's dividend payout ratio (DPR) is currently 34.05%.

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; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

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