Louisiana State Employees Retirement System Sells 800 Shares of State Street Corp (STT)
Louisiana State Employees Retirement System lessened its stake in shares of State Street Corp (NYSE:STT) by 3.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,500 shares of the asset manager’s stock after selling 800 shares during the quarter. Louisiana State Employees Retirement System’s holdings in State Street were worth $2,196,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of STT. Zions Bancorporation lifted its stake in shares of State Street by 318.0% during the third quarter. Zions Bancorporation now owns 1,045 shares of the asset manager’s stock worth $100,000 after purchasing an additional 795 shares in the last quarter. Sabal Trust CO acquired a new position in shares of State Street during the third quarter worth about $201,000. Trustmark National Bank Trust Department acquired a new position in shares of State Street during the third quarter worth about $204,000. Tiemann Investment Advisors LLC acquired a new position in shares of State Street during the third quarter worth about $204,000. Finally, KLCM Advisors Inc. acquired a new position in shares of State Street during the second quarter worth about $205,000. Institutional investors own 88.14% of the company’s stock.
Shares of State Street Corp (NYSE:STT) opened at $106.40 on Thursday. State Street Corp has a 52-week low of $74.45 and a 52-week high of $108.50. The stock has a market capitalization of $39,297.57, a PE ratio of 18.44, a PEG ratio of 1.37 and a beta of 1.36. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.48 and a current ratio of 0.48.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 17th. Investors of record on Tuesday, January 2nd were issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 1.58%. The ex-dividend date was Friday, December 29th. State Street’s dividend payout ratio is currently 29.12%.
A number of brokerages have commented on STT. Royal Bank of Canada reduced their price objective on State Street from $104.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Tuesday, October 24th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $114.00 target price on shares of State Street in a research report on Friday, December 22nd. Zacks Investment Research lowered State Street from a “buy” rating to a “hold” rating and set a $109.00 target price on the stock. in a research report on Friday, January 5th. Barclays lifted their target price on State Street from $104.00 to $120.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Vining Sparks reaffirmed a “buy” rating and set a $120.00 target price on shares of State Street in a research report on Monday, January 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. State Street presently has a consensus rating of “Buy” and a consensus price target of $101.13.
In related news, insider Andrew Erickson sold 354 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $92.00, for a total value of $32,568.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Joseph L. Hooley sold 25,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $92.60, for a total value of $2,315,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 28,724 shares of company stock valued at $2,659,741. 0.71% of the stock is owned by corporate insiders.
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State Street Company Profile
State Street Corporation is a financial holding company. The Company operates through two lines of business: Investment Servicing and Investment Management. The Company, through its subsidiary, State Street Bank and Trust Company (State Street Bank), provides a range of financial products and services to institutional investors across the world.
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