State Street Co. (NYSE:STT) Shares Sold by Xponance Inc.

Posted by Defense World Staff on Sep 25th, 2023

Xponance Inc. lowered its position in State Street Co. (NYSE:STT – Free Report) by 3.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,225 shares of the asset manager’s stock after selling 1,600 shares during the period. Xponance Inc.’s holdings in State Street were worth $3,163,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC purchased a new position in State Street in the first quarter valued at about $28,000. International Assets Investment Management LLC purchased a new position in State Street in the first quarter valued at about $34,000. City Holding Co. purchased a new position in State Street in the first quarter valued at about $40,000. OLD Mission Capital LLC purchased a new position in State Street in the fourth quarter valued at about $42,000. Finally, Denali Advisors LLC purchased a new position in State Street in the first quarter valued at about $47,000. Institutional investors and hedge funds own 89.62% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on STT. Wells Fargo & Company dropped their target price on shares of State Street from $92.00 to $83.00 in a report on Monday, July 17th. Keefe, Bruyette & Woods cut shares of State Street from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $84.00 to $73.00 in a report on Sunday, July 16th. Barclays dropped their price objective on shares of State Street from $100.00 to $87.00 in a research note on Sunday, July 16th. StockNews.com initiated coverage on shares of State Street in a research note on Thursday, August 17th. They set a “hold” rating for the company. Finally, Citigroup dropped their price objective on shares of State Street from $82.00 to $72.00 in a research note on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus target price of $75.75.

Read Our Latest Stock Analysis on State Street

Insider Buying and Selling at State Street

In other State Street news, CFO Eric W. Aboaf sold 11,886 shares of State Street stock in a transaction on Monday, August 21st. The shares were sold at an average price of $67.13, for a total value of $797,907.18. Following the transaction, the chief financial officer now owns 145,974 shares in the company, valued at approximately $9,799,234.62. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.34% of the stock is owned by company insiders.

State Street Stock Down 1.5 %

Shares of NYSE STT opened at $67.81 on Monday. State Street Co. has a 1 year low of $58.62 and a 1 year high of $94.74. The firm’s 50 day moving average price is $70.22 and its 200 day moving average price is $71.95. The firm has a market cap of $21.61 billion, a P/E ratio of 9.16, a price-to-earnings-growth ratio of 2.20 and a beta of 1.58. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.51 and a current ratio of 0.51.

State Street (NYSE:STT – Get Free Report) last announced its earnings results on Friday, July 14th. The asset manager reported $2.17 earnings per share (EPS) for the quarter, topping 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%. State Street’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.94 earnings per share. As a group, sell-side analysts anticipate that State Street Co. will post 7.27 earnings per share for the current year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Monday, October 2nd will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date is Friday, September 29th. This is a positive change from State Street’s previous quarterly dividend of $0.63. State Street’s dividend payout ratio (DPR) is 34.05%.

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.