Truist Financial Corp Sells 28,728 Shares of State Street Co. (NYSE:STT)

Truist Financial Corp trimmed its position in State Street Co. (NYSE:STT) by 14.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 172,601 shares of the asset manager’s stock after selling 28,728 shares during the quarter. Truist Financial Corp’s holdings in State Street were worth $13,370,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. CVA Family Office LLC bought a new position in State Street in the fourth quarter valued at about $27,000. Venturi Wealth Management LLC boosted its stake in shares of State Street by 92.5% in the 4th quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 184 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of State Street during the 4th quarter worth approximately $35,000. Bruce G. Allen Investments LLC bought a new stake in shares of State Street during the fourth quarter worth approximately $51,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in State Street in the third quarter valued at approximately $72,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 0.9 %

State Street stock opened at $73.11 on Thursday. State Street Co. has a twelve month low of $62.78 and a twelve month high of $79.90. The company has a quick ratio of 0.55, a current ratio of 0.61 and a debt-to-equity ratio of 0.90. The company has a 50 day moving average of $74.23 and a 200-day moving average of $72.98. The stock has a market capitalization of $22.07 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 1.29 and a beta of 1.52.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Shareholders of record on Monday, April 1st were issued a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date was Thursday, March 28th. State Street’s dividend payout ratio (DPR) is presently 51.69%.

Analysts Set New Price Targets

Several brokerages have commented on STT. JPMorgan Chase & Co. upped their target price on shares of State Street from $79.50 to $80.50 in a research report on Friday, April 12th. The Goldman Sachs Group upgraded State Street from a “neutral” rating to a “buy” rating and upped their price objective for the company from $69.00 to $92.00 in a report on Wednesday, January 3rd. Morgan Stanley raised their target price on State Street from $89.00 to $90.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Argus upped their price target on State Street from $84.00 to $86.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Finally, Keefe, Bruyette & Woods reduced 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 note on Monday, January 22nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $84.04.

Insider Buying and Selling at State Street

In other news, CFO Eric W. Aboaf sold 12,000 shares of the company’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the transaction, the chief financial officer now directly owns 149,063 shares of the company’s stock, valued at $11,015,755.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other State Street news, EVP Anthony Bisegna sold 4,258 shares of State Street stock in a transaction on Friday, March 1st. The shares were sold at an average price of $73.64, for a total value of $313,559.12. Following the sale, the executive vice president now directly owns 23,328 shares in the company, valued at approximately $1,717,873.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Eric W. Aboaf sold 12,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the sale, the chief financial officer now directly owns 149,063 shares in the company, valued at $11,015,755.70. The disclosure for this sale can be found here. Insiders have sold 18,864 shares of company stock valued at $1,390,597 in the last 90 days. 0.31% of the stock is currently owned by company insiders.

About State Street

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.