Envestnet Asset Management Inc. Sells 11,543 Shares of State Street Corporation (NYSE:STT)

Envestnet Asset Management Inc. reduced its holdings in State Street Corporation (NYSE:STT) by 4.8% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 229,651 shares of the asset manager’s stock after selling 11,543 shares during the quarter. Envestnet Asset Management Inc. owned 0.08% of State Street worth $20,561,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in shares of State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager’s stock valued at $195,764,000 after purchasing an additional 123,259 shares during the last quarter. Wayfinding Financial LLC bought a new position in shares of State Street during the 1st quarter valued at about $49,000. Eukles Asset Management increased its position in shares of State Street by 7.0% during the 1st quarter. Eukles Asset Management now owns 32,369 shares of the asset manager’s stock valued at $2,898,000 after purchasing an additional 2,122 shares during the last quarter. Pacific Heights Asset Management LLC increased its position in shares of State Street by 9.1% during the 1st quarter. Pacific Heights Asset Management LLC now owns 60,000 shares of the asset manager’s stock valued at $5,372,000 after purchasing an additional 5,000 shares during the last quarter. Finally, IFM Investors Pty Ltd increased its position in shares of State Street by 10.1% during the 1st quarter. IFM Investors Pty Ltd now owns 65,427 shares of the asset manager’s stock valued at $5,788,000 after purchasing an additional 5,993 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the firm’s stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the transaction, the chief accounting officer owned 7,354 shares of the company’s stock, valued at $667,154.88. This trade represents a 15.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by company insiders.

State Street Trading Up 3.0%

STT opened at $105.03 on Thursday. The stock has a market cap of $29.95 billion, a PE ratio of 11.76, a PEG ratio of 1.18 and a beta of 1.45. 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 business has a 50 day moving average of $100.75 and a 200-day moving average of $95.11. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $110.97.

State Street (NYSE:STT) last released its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.33 billion. State Street had a return on equity of 13.08% and a net margin of 12.59%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the business posted $2.15 EPS. Equities research analysts predict that State Street Corporation will post 9.68 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 14th. Investors of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 3.20%. This is a positive change from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio (DPR) is 34.04%.

Analyst Ratings Changes

Several equities analysts have recently commented on STT shares. Barclays reduced their price objective on State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Truist Financial reduced their price target on State Street from $122.00 to $116.00 and set a “buy” rating on the stock in a research report on Wednesday. Evercore ISI raised their price target on State Street from $102.00 to $115.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 2nd. Cfra Research cut State Street from a “moderate buy” rating to a “hold” rating in a report on Thursday, May 29th. Finally, Citigroup increased their price objective on State Street from $100.00 to $115.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $110.25.

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.