Bank of New York Mellon Corp Sells 27,136 Shares of State Street Corporation $STT

Bank of New York Mellon Corp reduced its position in State Street Corporation (NYSE:STT) by 1.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,012,088 shares of the asset manager’s stock after selling 27,136 shares during the quarter. Bank of New York Mellon Corp owned about 0.71% of State Street worth $233,422,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Invesco Ltd. lifted its stake in State Street by 4.7% in the 2nd quarter. Invesco Ltd. now owns 8,566,237 shares of the asset manager’s stock worth $910,934,000 after purchasing an additional 381,547 shares in the last quarter. Dodge & Cox boosted its stake in State Street by 1.1% during the second quarter. Dodge & Cox now owns 7,412,414 shares of the asset manager’s stock valued at $788,236,000 after buying an additional 80,855 shares during the period. Geode Capital Management LLC grew its position in State Street by 0.4% during the second quarter. Geode Capital Management LLC now owns 7,412,130 shares of the asset manager’s stock worth $784,930,000 after buying an additional 27,098 shares in the last quarter. Nordea Investment Management AB increased its stake in State Street by 7.8% in the 3rd quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after acquiring an additional 178,136 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of State Street in the 2nd quarter valued at about $256,367,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Truist Financial set a $136.00 target price on shares of State Street in a research report on Tuesday, January 20th. Citigroup lifted their price objective on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, December 30th. Wall Street Zen raised State Street from a “sell” rating to a “hold” rating in a research note on Saturday, January 17th. Wells Fargo & Company raised their price target on State Street from $121.00 to $129.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of State Street in a report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $135.83.

State Street Stock Down 0.5%

Shares of State Street stock opened at $130.74 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.61. State Street Corporation has a 52-week low of $72.81 and a 52-week high of $137.05. The company’s 50 day moving average price is $127.60 and its 200-day moving average price is $118.42. The stock has a market capitalization of $36.52 billion, a price-to-earnings ratio of 13.89, a P/E/G ratio of 1.15 and a beta of 1.43.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.57 billion. State Street had a net margin of 13.02% and a return on equity of 13.46%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.60 EPS. Equities research analysts forecast that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $3.36 dividend on an annualized basis and a dividend yield of 2.6%. State Street’s payout ratio is presently 35.71%.

State Street Company 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.