Envestnet Portfolio Solutions Inc. Sells 2,125 Shares of State Street Corporation (NYSE:STT)

Envestnet Portfolio Solutions Inc. trimmed its holdings in shares of State Street Corporation (NYSE:STT) by 35.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 3,915 shares of the asset manager’s stock after selling 2,125 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in State Street were worth $351,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Brighton Jones LLC bought a new position in State Street during the 4th quarter valued at about $296,000. Private Advisor Group LLC increased its position 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 acquiring an additional 3,928 shares in the last quarter. Whipplewood Advisors LLC acquired a new stake in State Street in the 4th quarter valued at about $61,000. Mn Services Vermogensbeheer B.V. increased its position in State Street by 1.7% in the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 120,319 shares of the asset manager’s stock valued at $11,809,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in State Street in the 4th quarter valued at about $203,000. 87.44% of the stock is owned by institutional investors.

State Street Stock Up 0.6%

State Street stock opened at $106.02 on Friday. The stock has a market capitalization of $30.24 billion, a PE ratio of 11.90, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. State Street Corporation has a twelve month low of $72.65 and a twelve month high of $106.06. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.07. The company has a 50 day moving average of $95.40 and a 200-day moving average of $94.21.

State Street (NYSE:STT) last released its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share 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 12.85% and a return on equity of 12.79%. During the same quarter in the prior year, the company earned $1.69 earnings per share. On average, equities research analysts anticipate that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date is Tuesday, July 1st. State Street’s dividend payout ratio is presently 34.12%.

Insider Transactions at State Street

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the company’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer now directly owns 7,354 shares of the company’s stock, valued at approximately $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.29% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on STT. Bank of America raised their price objective on shares of State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research report on Wednesday, April 2nd. Truist Financial upgraded shares of State Street from a “hold” rating to a “buy” rating and lifted their price target for the stock from $85.00 to $112.00 in a research report on Wednesday, May 28th. Citigroup lowered their price target on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Cfra Research cut shares of State Street from a “moderate buy” rating to a “hold” rating in a research report on Thursday, May 29th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research report on Monday, April 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $102.54.

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.