68,228 Shares in State Street Co. (NYSE:STT) Acquired by GQG Partners LLC

GQG Partners LLC purchased a new position in shares of State Street Co. (NYSE:STT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 68,228 shares of the asset manager's stock, valued at approximately $6,697,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EntryPoint Capital LLC acquired a new position in shares of State Street in the fourth quarter worth $319,000. Prudential Financial Inc. grew its stake in State Street by 106.7% during the 4th quarter. Prudential Financial Inc. now owns 626,212 shares of the asset manager's stock worth $61,463,000 after purchasing an additional 323,314 shares in the last quarter. Congress Wealth Management LLC DE purchased a new stake in State Street during the 4th quarter worth about $307,000. Crowley Wealth Management Inc. purchased a new stake in State Street during the 4th quarter worth about $69,000. Finally, Stevens Capital Management LP acquired a new stake in State Street in the 4th quarter valued at about $290,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of analyst reports. Citigroup lowered their price objective on State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. JPMorgan Chase & Co. raised shares of State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price objective for the company in a research report on Friday, December 20th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $103.00 target price (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Truist Financial cut their price objective on shares of State Street from $106.00 to $104.00 and set a "hold" rating on the stock in a report on Tuesday, January 21st. Finally, StockNews.com downgraded shares of State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $101.53.

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State Street Stock Performance

Shares of NYSE:STT traded down $2.83 during midday trading on Friday, hitting $88.95. The stock had a trading volume of 1,425,000 shares, compared to its average volume of 2,168,959. The company has a market capitalization of $25.66 billion, a PE ratio of 10.80, a P/E/G ratio of 1.11 and a beta of 1.44. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The stock has a 50 day moving average price of $95.35 and a two-hundred day moving average price of $94.48. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $3.27 billion. During the same quarter in the previous year, the firm posted $2.04 EPS. The firm's quarterly revenue was up 12.1% on a year-over-year basis. As a group, equities analysts predict that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.42%. State Street's dividend payout ratio (DPR) is presently 36.89%.

Insider Transactions at State Street

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company's stock.

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.