Principal Financial Group Inc. Sells 12,088 Shares of State Street Co. (NYSE:STT)

Principal Financial Group Inc. trimmed its position in shares of State Street Co. (NYSE:STT) by 3.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 334,164 shares of the asset manager’s stock after selling 12,088 shares during the period. Principal Financial Group Inc. owned approximately 0.11% of State Street worth $32,798,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in STT. Geode Capital Management LLC boosted its stake in State Street by 0.6% during the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after buying an additional 41,442 shares in the last quarter. FMR LLC lifted its holdings in shares of State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after acquiring an additional 833,679 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of State Street by 30.4% during 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 acquiring an additional 1,354,560 shares during the period. Franklin Resources Inc. boosted its position in shares of State Street by 13.8% during the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after acquiring an additional 408,792 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in State Street by 1.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,421,569 shares of the asset manager’s stock valued at $214,236,000 after acquiring an additional 23,252 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Down 0.9 %

Shares of NYSE:STT opened at $98.74 on Friday. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The company has a 50 day moving average of $98.55 and a 200-day moving average of $92.79. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market cap of $28.48 billion, a price-to-earnings ratio of 11.98, a P/E/G ratio of 1.11 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter last year, the firm earned $2.04 EPS. State Street’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, sell-side analysts forecast that State Street Co. will post 9.65 earnings per share 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 3.08%. The ex-dividend date is Tuesday, April 1st. State Street’s payout ratio is 36.89%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on STT shares. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Wells Fargo & Company increased their price objective on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, January 2nd. Truist Financial cut their price objective on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a report on Friday, December 20th. Finally, StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, February 14th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $100.73.

Insider Buying and Selling

In other State Street news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now owns 100,023 shares of the company’s stock, valued at approximately $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 SEC, which is available through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction that occurred on 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 transaction, the executive vice president now directly owns 50,816 shares in the company, 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. Insiders have sold 27,020 shares of company stock valued at $2,674,661 in the last 90 days. 0.31% of the stock is owned by insiders.

State Street Profile

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.