First Citizens Bank & Trust Co. Sells 4,001 Shares of State Street Corporation $STT

First Citizens Bank & Trust Co. reduced its stake in shares of State Street Corporation (NYSE:STT) by 12.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,111 shares of the asset manager’s stock after selling 4,001 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in State Street were worth $3,145,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Invesco Ltd. increased its position in shares of State Street by 4.7% during 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 grew 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 worth $788,236,000 after buying an additional 80,855 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of 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 holdings in shares of State Street by 7.8% during the third quarter. Nordea Investment Management AB now owns 2,451,703 shares of the asset manager’s stock worth $283,343,000 after buying an additional 178,136 shares in the last quarter. Finally, Norges Bank bought a new position in shares of State Street in the second quarter valued at approximately $256,367,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on STT. The Goldman Sachs Group restated a “buy” rating on shares of State Street in a research report on Tuesday, January 6th. Keefe, Bruyette & Woods boosted their price objective on State Street from $132.00 to $135.00 and gave the stock an “outperform” rating in a research note on Monday, October 20th. BMO Capital Markets initiated coverage on State Street in a report on Friday, October 3rd. They set an “outperform” rating and a $130.00 target price on the stock. Truist Financial set a $136.00 price target on State Street in a report on Tuesday, January 20th. Finally, Evercore ISI upped their price target on shares of State Street from $117.00 to $128.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, State Street currently has an average rating of “Moderate Buy” and a consensus target price of $135.83.

State Street Price Performance

STT opened at $126.10 on Monday. The company has a fifty day moving average price of $126.05 and a two-hundred day moving average price of $117.86. The firm has a market capitalization of $35.22 billion, a PE ratio of 13.40, a P/E/G ratio of 1.11 and a beta of 1.43. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $137.05. 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 (NYSE:STT) last posted its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm’s revenue was up 7.5% on a year-over-year basis. During the same period last year, the company earned $2.60 EPS. As a group, analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, January 2nd were paid a $0.84 dividend. 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 2.7%. State Street’s dividend payout ratio is 35.71%.

About State Street

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.