Kentucky Retirement Systems Sells 282 Shares of State Street Co. (NYSE:STT)

Kentucky Retirement Systems cut its position in State Street Co. (NYSE:STT) by 1.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 20,521 shares of the asset manager’s stock after selling 282 shares during the period. Kentucky Retirement Systems’ holdings in State Street were worth $2,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. ING Groep NV bought a new stake in State Street in the 4th quarter valued at $1,300,000. Boston Financial Mangement LLC bought a new stake in State Street in the 4th quarter valued at $250,000. Handelsbanken Fonder AB boosted its stake in State Street by 4.2% in the 4th quarter. Handelsbanken Fonder AB now owns 106,777 shares of the asset manager’s stock valued at $10,480,000 after purchasing an additional 4,344 shares during the period. Ieq Capital LLC boosted its stake in State Street by 95.9% in the 4th quarter. Ieq Capital LLC now owns 15,583 shares of the asset manager’s stock valued at $1,529,000 after purchasing an additional 7,628 shares during the period. Finally, Private Advisor Group LLC boosted its stake in State Street by 87.8% in the 4th quarter. Private Advisor Group LLC now owns 8,403 shares of the asset manager’s stock valued at $825,000 after purchasing an additional 3,928 shares during the period. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

STT has been the subject of a number of recent analyst reports. Truist Financial cut their target price on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. Wells Fargo & Company upped their target price on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Morgan Stanley cut their target price on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research report on Friday, January 3rd. StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a research report on Friday, February 14th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 target price (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, State Street has an average rating of “Hold” and an average target price of $100.73.

State Street Price Performance

Shares of STT stock opened at $98.74 on Friday. 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 Co. has a twelve month low of $70.20 and a twelve month high of $103.00. The company has a market cap of $28.48 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.11 and a beta of 1.43. The business has a fifty day simple moving average of $98.55 and a 200 day simple moving average of $92.90.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter in the prior year, the firm earned $2.04 EPS. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, sell-side analysts forecast that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a $0.76 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.08%. State Street’s payout ratio is presently 36.89%.

Insiders Place Their Bets

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This represents a 10.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the transaction, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,020 shares of company stock valued at $2,674,661 in the last 90 days. Corporate insiders own 0.31% of the company’s stock.

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.