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Robeco Institutional Asset Management B.V. Lowers Position in State Street Co. (NYSE:STT)

Defense World · Mar 18, 2023 08:12

Robeco Institutional Asset Management B.V. cut its stake in State Street Co. (NYSE:STT – Get Rating) by 1.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 212,458 shares of the asset manager's stock after selling 2,950 shares during the quarter. Robeco Institutional Asset Management B.V. owned 0.06% of State Street worth $12,919,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of STT. Ronald Blue Trust Inc. purchased a new stake in shares of State Street in the second quarter worth approximately $25,000. Guardian Wealth Advisors LLC bought a new position in shares of State Street in the third quarter valued at approximately $27,000. Rise Advisors LLC bought a new position in shares of State Street in the third quarter valued at approximately $36,000. CNB Bank bought a new position in shares of State Street in the second quarter valued at approximately $37,000. Finally, Asset Dedication LLC bought a new position in shares of State Street in the third quarter valued at approximately $37,000. 88.41% of the stock is owned by hedge funds and other institutional investors.

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State Street Price Performance

State Street stock opened at $71.77 on Friday. State Street Co. has a one year low of $58.62 and a one year high of $94.74. The business has a fifty day moving average price of $86.76 and a 200-day moving average price of $77.48. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market capitalization of $24.72 billion, a P/E ratio of 9.98, a PEG ratio of 1.00 and a beta of 1.59.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 13th. Stockholders of record on Monday, April 3rd will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Friday, March 31st. State Street's payout ratio is currently 35.05%.

Insider Transactions at State Street

In other news, EVP David C. Phelan sold 15,000 shares of the firm's stock in a transaction on Friday, February 24th. The stock was sold at an average price of $86.63, for a total value of $1,299,450.00. Following the completion of the transaction, the executive vice president now directly owns 72,491 shares of the company's stock, valued at $6,279,895.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Ian Appleyard sold 6,725 shares of the stock in a transaction on Friday, February 24th. The stock was sold at an average price of $88.42, for a total value of $594,624.50. Following the sale, the chief accounting officer now owns 14,493 shares in the company, valued at $1,281,471.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David C. Phelan sold 15,000 shares of the stock in a transaction on Friday, February 24th. The stock was sold at an average price of $86.63, for a total value of $1,299,450.00. Following the completion of the sale, the executive vice president now owns 72,491 shares in the company, valued at approximately $6,279,895.33. The disclosure for this sale can be found here. Insiders sold 32,893 shares of company stock valued at $2,923,987 over the last three months. Company insiders own 0.25% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on STT. The Goldman Sachs Group began coverage on State Street in a report on Wednesday, January 4th. They issued a "neutral" rating for the company. Credit Suisse Group upped their target price on State Street from $76.00 to $84.00 and gave the company a "neutral" rating in a report on Monday, January 23rd. Wells Fargo & Company raised State Street from an "equal weight" rating to an "overweight" rating and increased their price objective for the company from $88.00 to $98.00 in a report on Monday, February 27th. Barclays increased their price objective on State Street from $95.00 to $116.00 and gave the company an "overweight" rating in a report on Tuesday, January 3rd. Finally, Bank of America initiated coverage on State Street in a report on Thursday, January 12th. They set a "neutral" rating and a $86.00 price objective for the company. Nine analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $88.68.

About State Street

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State Street Corp. engages in the provision of financial services to institutional investors. It operates through the Commercial and Financial, and Commercial Real Estate segments. The company was founded in 1792 and is headquartered in Boston, MA.