Metropolis Capital Ltd Trims Stock Position in State Street Corporation $STT

Metropolis Capital Ltd decreased its holdings in shares of State Street Corporation (NYSE:STT) by 36.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,490,445 shares of the asset manager’s stock after selling 1,456,694 shares during the period. State Street accounts for about 10.3% of Metropolis Capital Ltd’s holdings, making the stock its 3rd largest holding. Metropolis Capital Ltd owned about 0.89% of State Street worth $321,292,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Franklin Resources Inc. increased its stake in shares of State Street by 3.7% during the third quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager’s stock valued at $447,684,000 after purchasing an additional 137,049 shares in the last quarter. Nordea Investment Management AB increased its position in State Street by 15.4% during the 4th quarter. Nordea Investment Management AB now owns 2,829,271 shares of the asset manager’s stock valued at $367,041,000 after buying an additional 377,568 shares in the last quarter. Regents of The University of California bought a new stake in State Street in the third quarter worth $324,576,000. First Trust Advisors LP grew its stake in shares of State Street by 36.8% in the third quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock worth $318,754,000 after acquiring an additional 738,456 shares during the last quarter. Finally, Barclays PLC raised its position in shares of State Street by 27.7% in the 3rd quarter. Barclays PLC now owns 1,576,332 shares of the asset manager’s stock worth $182,870,000 after purchasing an additional 342,344 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Stock Up 0.0%

STT stock opened at $128.84 on Monday. The business’s 50-day moving average price is $126.95 and its 200-day moving average price is $123.31. The stock has a market cap of $35.91 billion, a P/E ratio of 13.69, a PEG ratio of 1.13 and a beta of 1.37. The company has a quick ratio of 0.61, a current ratio of 0.61 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $137.05.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.60 earnings per share. On average, equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 13th. Investors of record on Wednesday, April 1st will be issued a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.6%. State Street’s dividend payout ratio is currently 35.71%.

Insider Transactions at State Street

In other State Street news, EVP John Plansky sold 16,100 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the sale, the executive vice president directly owned 56,162 shares of the company’s stock, valued at $6,982,059.84. This trade represents a 22.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on STT. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a report on Saturday, January 17th. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research note on Tuesday, January 6th. Morgan Stanley reduced their price target on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research report on Tuesday, January 20th. Citigroup began coverage on shares of State Street in a research note on Monday, February 23rd. They issued a “buy” rating and a $150.00 price objective on the stock. Finally, Truist Financial set a $136.00 target price on shares of State Street in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $135.83.

State Street 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.