Corebridge Financial Inc. Sells 4,754 Shares of State Street Co. (NYSE:STT)

Corebridge Financial Inc. cut its holdings in shares of State Street Co. (NYSE:STT - Free Report) by 6.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,411 shares of the asset manager's stock after selling 4,754 shares during the quarter. Corebridge Financial Inc.'s holdings in State Street were worth $6,813,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Hotchkis & Wiley Capital Management LLC grew its stake in State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager's stock worth $514,136,000 after buying an additional 1,354,560 shares in the last quarter. FMR LLC lifted its holdings in shares of State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager's stock valued at $540,796,000 after purchasing an additional 833,679 shares in the last quarter. Amundi grew its stake in shares of State Street by 11.1% during the 4th quarter. Amundi now owns 5,602,547 shares of the asset manager's stock valued at $547,636,000 after purchasing an additional 561,773 shares during the period. Wellington Management Group LLP raised its stake in shares of State Street by 818.1% in the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager's stock worth $45,889,000 after buying an additional 462,201 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of State Street in the fourth quarter valued at about $44,070,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

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State Street Price Performance

Shares of State Street stock traded up $0.58 during trading on Monday, reaching $89.62. The company's stock had a trading volume of 2,222,700 shares, compared to its average volume of 2,169,173. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a market capitalization of $25.85 billion, a P/E ratio of 10.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The business has a 50 day moving average price of $95.35 and a 200-day moving average price of $94.56. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping analysts' consensus estimates of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the prior year, the company posted $2.04 EPS. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street's dividend payout ratio (DPR) is presently 36.89%.

Insiders Place Their Bets

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares of the company's stock, valued at $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on STT shares. Truist Financial decreased their price objective on State Street from $106.00 to $104.00 and set a "hold" rating on the stock in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods raised State Street from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Citigroup lowered their target price on State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a report on Monday, March 24th. StockNews.com lowered shares of State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $103.00 price target (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $101.53.

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.