New York State Teachers Retirement System Cuts Stock Holdings in State Street Corporation $STT

New York State Teachers Retirement System lowered its stake in shares of State Street Corporation (NYSE:STT) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 277,057 shares of the asset manager’s stock after selling 6,433 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of State Street worth $35,743,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Franklin Resources Inc. raised its stake in shares of State Street by 3.7% in the 3rd quarter. Franklin Resources Inc. now owns 3,859,012 shares of the asset manager’s stock valued at $447,684,000 after acquiring an additional 137,049 shares during the period. Nordea Investment Management AB raised its stake in shares of State Street by 15.4% in 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 acquiring an additional 377,568 shares during the period. Regents of The University of California purchased a new position in shares of State Street in the 3rd quarter valued at $324,576,000. First Trust Advisors LP raised its stake in shares of State Street by 36.8% in the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock valued at $318,754,000 after acquiring an additional 738,456 shares during the period. Finally, Barclays PLC raised its stake 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 valued at $182,870,000 after acquiring an additional 342,344 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Keefe, Bruyette & Woods raised their target price on shares of State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, April 20th. Morgan Stanley raised their target price on shares of State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. TD Cowen reissued a “buy” rating on shares of State Street in a research note on Wednesday, January 7th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of State Street in a research note on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $154.00.

State Street Stock Performance

State Street stock opened at $152.12 on Friday. State Street Corporation has a 12-month low of $89.19 and a 12-month high of $156.18. The company has a market capitalization of $42.10 billion, a price-to-earnings ratio of 15.43, a price-to-earnings-growth ratio of 0.84 and a beta of 1.45. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.61. The firm’s fifty day moving average price is $132.73 and its 200 day moving average price is $127.18.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion for the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the previous year, the firm posted $2.04 EPS. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. On average, research analysts forecast that State Street Corporation will post 12.31 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 13th. Investors of record on Wednesday, April 1st were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Wednesday, April 1st. This represents a $3.36 annualized dividend and a yield of 2.2%. State Street’s payout ratio is 34.08%.

Insider Buying and Selling

In related news, COO Mostapha Tahiri sold 9,611 shares of State Street stock in a transaction on Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the sale, the chief operating officer owned 64,642 shares of the company’s stock, valued at $9,885,701.06. The trade was a 12.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Michael L. Richards sold 3,000 shares of State Street stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the sale, the executive vice president directly owned 43,522 shares in the company, valued at $6,697,600.58. This trade represents a 6.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 28,711 shares of company stock valued at $3,933,032 in the last quarter. Company insiders own 0.27% of the company’s stock.

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.