Generali Asset Management SPA SGR Sells 11,074 Shares of State Street Corporation $STT

Generali Asset Management SPA SGR trimmed its position in shares of State Street Corporation (NYSE:STT) by 42.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,944 shares of the asset manager’s stock after selling 11,074 shares during the period. Generali Asset Management SPA SGR’s holdings in State Street were worth $1,734,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Brown Advisory Inc. increased its stake in shares of State Street by 0.5% in the second quarter. Brown Advisory Inc. now owns 17,224 shares of the asset manager’s stock worth $1,832,000 after purchasing an additional 93 shares during the period. Security National Bank of SO Dak increased its position in State Street by 0.5% in the 2nd quarter. Security National Bank of SO Dak now owns 21,528 shares of the asset manager’s stock worth $2,289,000 after buying an additional 105 shares during the period. Harbour Investments Inc. lifted its holdings in shares of State Street by 11.7% during the second quarter. Harbour Investments Inc. now owns 1,012 shares of the asset manager’s stock worth $108,000 after buying an additional 106 shares during the last quarter. McAdam LLC lifted its holdings in shares of State Street by 1.7% during the second quarter. McAdam LLC now owns 6,650 shares of the asset manager’s stock worth $707,000 after buying an additional 111 shares during the last quarter. Finally, Brighton Jones LLC boosted its position in shares of State Street by 4.7% in the second quarter. Brighton Jones LLC now owns 3,222 shares of the asset manager’s stock valued at $343,000 after acquiring an additional 146 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other State Street news, EVP Michael L. Richards sold 1,500 shares of the company’s stock in a transaction on Monday, October 27th. The stock was sold at an average price of $117.24, for a total value of $175,860.00. Following the sale, the executive vice president directly owned 38,626 shares in the company, valued at $4,528,512.24. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

State Street Price Performance

Shares of State Street stock opened at $129.08 on Monday. The firm has a market cap of $36.05 billion, a P/E ratio of 13.66, a price-to-earnings-growth ratio of 1.06 and a beta of 1.43. The firm’s 50-day simple moving average is $122.06 and its 200-day simple moving average is $115.24. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $133.00. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.59 and a current ratio of 0.59.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, October 17th. The asset manager reported $2.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.21. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.43 billion. State Street had a net margin of 13.14% and a return on equity of 13.37%. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.26 earnings per share. As a group, research analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, January 12th. Investors of record on Friday, January 2nd will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, January 2nd. State Street’s dividend payout ratio (DPR) is 35.56%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on STT shares. BMO Capital Markets assumed coverage on shares of State Street in a research note on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price for the company. Morgan Stanley reaffirmed an “overweight” rating and set a $168.00 price objective on shares of State Street in a research report on Tuesday, December 16th. TD Cowen assumed coverage on shares of State Street in a research note on Thursday, September 25th. They issued a “buy” rating for the company. Truist Financial lowered their price target on State Street from $133.00 to $131.00 and set a “buy” rating on the stock in a research note on Monday, October 20th. Finally, Keefe, Bruyette & Woods upped their price target on State Street from $132.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $130.27.

State Street Profile

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.