California State Teachers Retirement System Lowers Stock Position in State Street Corporation $STT

California State Teachers Retirement System trimmed its holdings in State Street Corporation (NYSE:STT) by 3.1% during the first quarter, HoldingsChannel.com reports. The fund owned 471,604 shares of the asset manager’s stock after selling 15,293 shares during the period. California State Teachers Retirement System’s holdings in State Street were worth $59,686,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Wilkerson Advisory Group LLC purchased a new position in State Street during the 4th quarter worth $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street during the fourth quarter worth approximately $30,000. JPL Wealth Management LLC acquired a new stake in shares of State Street during the third quarter worth $29,000. Whipplewood Advisors LLC acquired a new stake in shares of State Street during the first quarter worth $34,000. Finally, Reflection Asset Management purchased a new position in State Street in the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 3.9%

NYSE:STT opened at $182.93 on Friday. State Street Corporation has a 1 year low of $104.64 and a 1 year high of $192.51. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.57 and a current ratio of 0.59. The stock has a fifty day moving average price of $171.34 and a two-hundred day moving average price of $147.45. The stock has a market capitalization of $50.63 billion, a price-to-earnings ratio of 16.13, a PEG ratio of 0.73 and a beta of 1.42.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, topping the consensus estimate of $3.34 by $0.31. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the firm earned $2.04 EPS. The business’s revenue was up 23.3% on a year-over-year basis. As a group, sell-side analysts anticipate that State Street Corporation will post 13.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a dividend of $0.92 per share. This is an increase from State Street’s previous quarterly dividend of $0.84. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is presently 32.45%.

Analysts Set New Price Targets

Several equities analysts have issued reports on STT shares. Barclays boosted their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Royal Bank Of Canada lifted their target price on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a report on Friday, July 17th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 21st. Seaport Research Partners reissued a “buy” rating and set a $170.00 price target on shares of State Street in a report on Monday, April 20th. Finally, Evercore set a $200.00 price objective on shares of State Street in a research report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, State Street presently has an average rating of “Moderate Buy” and a consensus target price of $184.72.

Insider Buying and Selling

In other State Street news, EVP W. Bradford Hu sold 9,758 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. This represents a 16.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares of the company’s stock, valued at approximately $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 49,576 shares of company stock valued at $8,415,875. Corporate insiders own 0.27% of the company’s stock.

About State Street

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.