Teachers Retirement System of The State of Kentucky Sells 23,424 Shares of State Street Co. (NYSE:STT)

Teachers Retirement System of The State of Kentucky lessened its stake in shares of State Street Co. (NYSE:STT) by 7.5% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 287,485 shares of the asset manager’s stock after selling 23,424 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in State Street were worth $28,217,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB purchased a new stake in State Street in the 3rd quarter worth approximately $1,125,000. Synovus Financial Corp lifted its stake in shares of State Street by 10.3% during the 3rd quarter. Synovus Financial Corp now owns 13,321 shares of the asset manager’s stock valued at $1,179,000 after buying an additional 1,247 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in State Street by 2.0% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after buying an additional 103 shares during the period. Franklin Resources Inc. increased its stake in State Street by 13.8% in the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after buying an additional 408,792 shares in the last quarter. Finally, Inspire Trust Co. N.A. raised its holdings in State Street by 5.9% during the third quarter. Inspire Trust Co. N.A. now owns 35,776 shares of the asset manager’s stock valued at $3,165,000 after acquiring an additional 2,000 shares during the period. Institutional investors own 87.44% of the company’s stock.

Insider Activity

In other news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the transaction, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on STT shares. Wells Fargo & Company cut their target price on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. The Goldman Sachs Group set a $98.00 target price on shares of State Street and gave the stock a “buy” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Morgan Stanley decreased their target price on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 2nd. Finally, Truist Financial decreased their price objective on State Street from $104.00 to $89.00 and set a “hold” rating on the stock in a report on Friday, April 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, State Street currently has a consensus rating of “Hold” and a consensus target price of $103.54.

State Street Stock Performance

Shares of State Street stock opened at $81.39 on Monday. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a market capitalization of $23.49 billion, a PE ratio of 9.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The stock’s fifty day moving average is $89.24 and its two-hundred day moving average is $93.82. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.06. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same period in the previous year, the company earned $1.69 EPS. As a group, analysts expect that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Tuesday, April 1st. State Street’s payout ratio is 34.12%.

State Street Profile

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.