Corebridge Financial Inc. Trims Stock Position in State Street Co. (NYSE:STT)

Corebridge Financial Inc. cut its position in State Street Co. (NYSE:STT) by 6.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,411 shares of the asset manager’s stock after selling 4,754 shares during the quarter. Corebridge Financial Inc.’s holdings in State Street were worth $6,813,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of STT. Flagship Harbor Advisors LLC purchased a new stake in shares of State Street in the 4th quarter valued at about $272,000. Charles Schwab Investment Management Inc. raised its stake in State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after purchasing an additional 10,404 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after purchasing an additional 7,446 shares during the last quarter. Merit Financial Group LLC bought a new position in shares of State Street in the 4th quarter worth $395,000. Finally, Raymond James Financial Inc. bought a new position in shares of State Street in the 4th quarter worth $44,070,000. 87.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on STT. Wells Fargo & Company reduced their target price on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $103.00 price objective (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Truist Financial decreased their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. Finally, JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research note on Friday, December 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, State Street presently has a consensus rating of “Hold” and a consensus price target of $101.53.

State Street Stock Down 3.1 %

NYSE STT opened at $88.95 on Friday. The business’s 50-day moving average is $95.35 and its 200 day moving average is $94.40. The stock has a market capitalization of $25.66 billion, a PE ratio of 10.80, a PEG ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00.

State Street (NYSE:STT) last posted its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same period in the previous year, the firm earned $2.04 earnings per share. The business’s revenue was up 12.1% compared to the same quarter last year. Sell-side analysts forecast that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.42%. State Street’s dividend payout ratio is 36.89%.

Insider Activity

In related news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the transaction, the director now owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

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.