Charles Schwab Investment Management Inc. Trims Stake in State Street Co. (NYSE:STT)

Charles Schwab Investment Management Inc. cut its holdings in State Street Co. (NYSE:STTFree Report) by 3.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,809,398 shares of the asset manager’s stock after selling 58,611 shares during the period. Charles Schwab Investment Management Inc. owned 0.59% of State Street worth $121,157,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Texas Permanent School Fund Corp raised its position in State Street by 8.1% in the second quarter. Texas Permanent School Fund Corp now owns 78,667 shares of the asset manager’s stock worth $5,757,000 after acquiring an additional 5,902 shares during the period. Banque Cantonale Vaudoise raised its position in State Street by 54.9% in the third quarter. Banque Cantonale Vaudoise now owns 10,839 shares of the asset manager’s stock worth $726,000 after acquiring an additional 3,841 shares during the period. BI Asset Management Fondsmaeglerselskab A S raised its position in State Street by 148.5% in the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 10,170 shares of the asset manager’s stock worth $744,000 after acquiring an additional 6,077 shares during the period. Private Management Group Inc. bought a new stake in shares of State Street during the 3rd quarter valued at $36,022,000. Finally, abrdn plc raised its position in shares of State Street by 6.1% during the 2nd quarter. abrdn plc now owns 412,358 shares of the asset manager’s stock valued at $30,176,000 after purchasing an additional 23,588 shares during the period. 89.62% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $89.00 to $86.00 and set a “market perform” rating on the stock in a research report on Monday, January 22nd. The Goldman Sachs Group upgraded shares of State Street from a “neutral” rating to a “buy” rating and raised their price objective for the company from $69.00 to $92.00 in a research report on Wednesday, January 3rd. Wells Fargo & Company restated an “overweight” rating and set a $83.00 price objective on shares of State Street in a research report on Wednesday, December 6th. Morgan Stanley raised their price objective on shares of State Street from $83.00 to $88.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 30th. Finally, UBS Group raised their price objective on shares of State Street from $70.00 to $82.00 and gave the company a “neutral” rating in a research report on Tuesday, January 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, State Street currently has an average rating of “Hold” and a consensus target price of $81.83.

Check Out Our Latest Report on STT

State Street Stock Performance

Shares of NYSE:STT opened at $72.84 on Friday. State Street Co. has a 52 week low of $62.78 and a 52 week high of $94.74. The stock has a market capitalization of $22.48 billion, a P/E ratio of 13.27, a PEG ratio of 1.46 and a beta of 1.53. The firm has a fifty day simple moving average of $75.56 and a two-hundred day simple moving average of $71.01. The company has a quick ratio of 0.51, a current ratio of 0.55 and a debt-to-equity ratio of 0.86.

State Street (NYSE:STTGet Free Report) last issued its quarterly earnings data on Friday, January 19th. The asset manager reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.21. State Street had a net margin of 10.59% and a return on equity of 11.86%. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same period last year, the company posted $2.07 EPS. The business’s revenue was down 3.5% on a year-over-year basis. On average, analysts expect that State Street Co. will post 7.79 earnings per share for the current fiscal year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 12th. Shareholders of record on Tuesday, January 2nd were paid a $0.69 dividend. The ex-dividend date of this dividend was Friday, December 29th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.79%. State Street’s payout ratio is currently 50.27%.

State Street Profile

(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.

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Institutional Ownership by Quarter for State Street (NYSE:STT)

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