Ossiam Sells 15,681 Shares of State Street Co. (NYSE:STT)

Posted by Defense World Staff on Sep 10th, 2023

Ossiam lessened its position in State Street Co. (NYSE:STT – Free Report) by 24.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,363 shares of the asset manager’s stock after selling 15,681 shares during the quarter. Ossiam’s holdings in State Street were worth $3,585,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in State Street by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 34,410,077 shares of the asset manager’s stock worth $2,997,806,000 after acquiring an additional 146,048 shares during the period. Longview Partners Guernsey LTD increased its holdings in shares of State Street by 3.1% during the 1st quarter. Longview Partners Guernsey LTD now owns 7,911,850 shares of the asset manager’s stock worth $598,848,000 after purchasing an additional 236,126 shares during the period. Geode Capital Management LLC increased its holdings in shares of State Street by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 7,517,455 shares of the asset manager’s stock worth $582,069,000 after purchasing an additional 60,433 shares during the period. Morgan Stanley increased its holdings in shares of State Street by 31.1% during the 4th quarter. Morgan Stanley now owns 6,031,661 shares of the asset manager’s stock worth $467,876,000 after purchasing an additional 1,430,237 shares during the period. Finally, LSV Asset Management increased its holdings in shares of State Street by 2.7% during the 1st quarter. LSV Asset Management now owns 3,555,520 shares of the asset manager’s stock worth $269,117,000 after purchasing an additional 92,130 shares during the period. Institutional investors own 89.62% of the company’s stock.

State Street Price Performance

NYSE:STT opened at $70.16 on Friday. The firm has a market cap of $22.36 billion, a PE ratio of 9.48, a price-to-earnings-growth ratio of 2.26 and a beta of 1.58. State Street Co. has a 12 month low of $58.62 and a 12 month high of $94.74. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average price is $70.90 and its two-hundred day moving average price is $73.20.

State Street (NYSE:STT – Get Free Report) last released its quarterly earnings results on Friday, July 14th. The asset manager reported $2.17 EPS for the quarter, beating analysts’ consensus estimates of $2.08 by $0.09. The firm had revenue of $3.11 billion for the quarter, compared to analyst estimates of $3.14 billion. State Street had a net margin of 16.99% and a return on equity of 12.20%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.94 earnings per share. On average, equities analysts anticipate that State Street Co. will post 7.27 EPS for the current fiscal year.

State Street Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Monday, October 2nd will be given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.93%. This is a positive change from State Street’s previous quarterly dividend of $0.63. The ex-dividend date is Friday, September 29th. State Street’s dividend payout ratio is presently 37.30%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on STT. Keefe, Bruyette & Woods downgraded shares of State Street from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $84.00 to $73.00 in a report on Sunday, July 16th. Wells Fargo & Company dropped their price objective on shares of State Street from $92.00 to $83.00 in a report on Monday, July 17th. Bank of America decreased their target price on shares of State Street from $80.00 to $72.00 in a research report on Sunday, July 16th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of State Street from $72.00 to $64.00 in a research report on Monday, July 17th. Finally, StockNews.com began coverage on shares of State Street in a research report on Thursday, August 17th. They set a “hold” rating on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, State Street currently has a consensus rating of “Hold” and an average target price of $76.17.

Check Out Our Latest Report on State Street

Insider Transactions at State Street

In other news, CFO Eric W. Aboaf sold 11,886 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $67.13, for a total transaction of $797,907.18. Following the transaction, the chief financial officer now directly owns 145,974 shares in the company, valued at $9,799,234.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.25% of the stock is owned by company insiders.

About State Street

(Free Report)

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; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.