Alliancebernstein L.P. Sells 11,779 Shares of State Street Co. (NYSE:STT)

Alliancebernstein L.P. decreased its stake in shares of State Street Co. (NYSE:STT - Free Report) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 459,012 shares of the asset manager's stock after selling 11,779 shares during the period. Alliancebernstein L.P. owned 0.16% of State Street worth $45,052,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC purchased a new stake in State Street during the fourth quarter valued at about $272,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of State Street by 3.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock worth $44,725,000 after purchasing an additional 14,476 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after acquiring an additional 10,404 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock worth $7,289,000 after acquiring an additional 7,446 shares in the last quarter. Finally, Merit Financial Group LLC acquired a new position in shares of State Street in the fourth quarter worth about $395,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

Insider Activity at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction 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 approximately $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now directly 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. Insiders own 0.31% of the company's stock.

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State Street Price Performance

Shares of STT traded down $3.59 during trading hours on Thursday, hitting $78.73. 310,893 shares of the company were exchanged, compared to its average volume of 2,188,822. The company has a market capitalization of $22.72 billion, a PE ratio of 9.57, a PEG ratio of 1.11 and a beta of 1.42. 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 firm has a fifty day simple moving average of $91.80 and a 200-day simple moving average of $94.12. State Street Co. has a one year low of $70.20 and a one year high of $103.00.

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

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.86%. State Street's dividend payout ratio (DPR) is presently 36.89%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. JPMorgan Chase & Co. upgraded State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price target on the stock in a research note on Friday, December 20th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $103.00 price objective (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Truist Financial cut their price objective on State Street from $104.00 to $89.00 and set a "hold" rating on the stock in a research note on Friday, April 4th. Wolfe Research upgraded State Street from an "underperform" rating to a "peer perform" rating in a research note on Monday, January 27th. Finally, Barclays upped their price objective on State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, State Street has an average rating of "Hold" and an average target price of $101.07.

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.