Newport Trust Company LLC Sells 65,825 Shares of State Street Corporation $STT

Newport Trust Company LLC decreased its stake in shares of State Street Corporation (NYSE:STT) by 4.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,505,688 shares of the asset manager’s stock after selling 65,825 shares during the quarter. Newport Trust Company LLC owned about 0.53% of State Street worth $174,675,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in STT. Nordea Investment Management AB raised its holdings in State Street by 2.2% in the second quarter. Nordea Investment Management AB now owns 2,273,567 shares of the asset manager’s stock worth $241,862,000 after buying an additional 49,475 shares during the last quarter. Pacific Heights Asset Management LLC increased its position in shares of State Street by 32.1% during the third quarter. Pacific Heights Asset Management LLC now owns 185,000 shares of the asset manager’s stock valued at $21,462,000 after acquiring an additional 45,000 shares in the last quarter. Boston Common Asset Management LLC bought a new stake in shares of State Street during the third quarter valued at approximately $7,848,000. Milestone Asset Management LLC purchased a new position in State Street in the 3rd quarter worth approximately $4,048,000. Finally, Osaic Holdings Inc. lifted its position in State Street by 42.8% in the 2nd quarter. Osaic Holdings Inc. now owns 32,130 shares of the asset manager’s stock valued at $3,414,000 after acquiring an additional 9,625 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $117.24, for a total value of $175,860.00. Following the transaction, the executive vice president directly owned 38,626 shares in the company, valued at approximately $4,528,512.24. This trade represents a 3.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

State Street Stock Down 1.8%

State Street stock opened at $126.10 on Friday. State Street Corporation has a one year low of $72.81 and a one year high of $137.05. The stock has a fifty day moving average of $126.05 and a 200 day moving average of $117.80. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. The stock has a market cap of $35.22 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.82 by $0.15. State Street had a return on equity of 13.46% and a net margin of 13.02%.The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. During the same period in the previous year, the company posted $2.60 EPS. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. As a group, sell-side analysts predict that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 12th. Shareholders of record on Friday, January 2nd were issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Friday, January 2nd. State Street’s dividend payout ratio is currently 35.71%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Truist Financial set a $136.00 target price on State Street in a report on Tuesday. Wall Street Zen upgraded State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research report on Wednesday. The Goldman Sachs Group reaffirmed a “buy” rating on shares of State Street in a report on Tuesday, January 6th. Finally, Evercore ISI lifted their price target on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.