State Street Co. (NYSE:STT) Shares Sold by Letko Brosseau & Associates Inc.

Jul 01, 2023

Letko Brosseau & Associates Inc. lowered its position in State Street Co. (NYSE:STT - Free Report) by 6.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 909,745 shares of the asset manager's stock after selling 60,738 shares during the quarter. State Street makes up about 1.3% of Letko Brosseau & Associates Inc.'s holdings, making the stock its 29th biggest holding. Letko Brosseau & Associates Inc. owned about 0.27% of State Street worth $68,859,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Assetmark Inc. lifted its stake in State Street by 2.9% in the fourth quarter. Assetmark Inc. now owns 4,075 shares of the asset manager's stock worth $316,000 after acquiring an additional 116 shares during the last quarter. Kentucky Retirement Systems lifted its position in shares of State Street by 0.4% during the 4th quarter. Kentucky Retirement Systems now owns 28,903 shares of the asset manager's stock worth $2,242,000 after buying an additional 127 shares during the last quarter. McAdam LLC lifted its position in shares of State Street by 2.2% during the 1st quarter. McAdam LLC now owns 6,404 shares of the asset manager's stock worth $485,000 after buying an additional 139 shares during the last quarter. Citizens Financial Group Inc RI lifted its position in shares of State Street by 1.7% during the 4th quarter. Citizens Financial Group Inc RI now owns 8,447 shares of the asset manager's stock worth $661,000 after buying an additional 141 shares during the last quarter. Finally, First Manhattan Co. lifted its position in shares of State Street by 7.5% during the 4th quarter. First Manhattan Co. now owns 2,119 shares of the asset manager's stock worth $164,000 after buying an additional 148 shares during the last quarter. Hedge funds and other institutional investors own 89.39% of the company's stock.

In other news, CFO Eric W. Aboaf sold 11,886 shares of the company's stock in a transaction on Monday, August 21st. The shares were sold at an average price of $67.13, for a total transaction of $797,907.18. Following the transaction, the chief financial officer now directly owns 145,974 shares of the company's stock, valued at approximately $9,799,234.62. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.25% of the company's stock.

STT traded down $0.20 during trading on Friday, hitting $67.55. The stock had a trading volume of 1,154,127 shares, compared to its average volume of 2,870,573. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a market capitalization of $21.52 billion, a P/E ratio of 9.16, a PEG ratio of 2.19 and a beta of 1.57. The company's 50-day moving average price is $71.66 and its 200 day moving average price is $75.12. State Street Co. has a twelve month low of $58.62 and a twelve month high of $94.74.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Friday, July 14th. The asset manager reported $2.17 earnings per share (EPS) 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 company had revenue of $3.11 billion for the quarter, compared to analysts' expectations of $3.14 billion. During the same period in the previous year, the company posted $1.94 EPS. State Street's revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts forecast that State Street Co. will post 7.29 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Monday, October 2nd will be paid a dividend of $0.69 per share. The ex-dividend date of this dividend is Friday, September 29th. This is a boost from State Street's previous quarterly dividend of $0.63. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.09%. State Street's dividend payout ratio is 34.05%.

Several brokerages have recently weighed in on STT. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of State Street from $72.00 to $64.00 in a research report on Monday, July 17th. UBS Group downgraded shares of State Street from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $90.00 to $72.00 in a research report on Monday, July 17th. JPMorgan Chase & Co. downgraded shares of State Street from a "neutral" rating to an "underweight" rating and reduced their price target for the company from $78.50 to $71.00 in a research report on Monday, July 17th. StockNews.com assumed coverage on shares of State Street in a research report on Thursday, August 17th. They issued a "hold" rating for the company. Finally, Wells Fargo & Company reduced their price target on shares of State Street from $92.00 to $83.00 in a research report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat, State Street presently has an average rating of "Hold" and a consensus price target of $76.17.

Check Out Our Latest Stock Report on 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; 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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