Allianz SE Acquires New Stake in State Street Co. (NYSE:STT)

Allianz SE bought 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 and Exchange Commission. The fund bought 18,073 shares of the asset manager's stock, valued at approximately $1,776,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC acquired a new position in State Street in the 4th quarter valued at $272,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in State Street by 3.3% during the 4th 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. raised its holdings in State Street by 0.6% during 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 purchasing an additional 10,404 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in State Street by 11.1% during the 4th 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 stake in shares of State Street during 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 other State Street news, 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 sale, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the company'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 transaction, the director now directly owns 100,023 shares of the company's stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

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State Street Stock Down 6.6 %

NYSE STT traded down $5.89 during trading hours on Thursday, reaching $83.70. 940,762 shares of the company's stock were exchanged, compared to its average volume of 2,041,285. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The company's 50-day moving average is $94.85 and its two-hundred day moving average is $94.62. The company has a market capitalization of $24.14 billion, a price-to-earnings ratio of 10.16, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

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, beating 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 business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the previous year, the business earned $2.04 earnings per share. State Street's quarterly revenue was up 12.1% on a year-over-year basis. On average, analysts forecast that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.63%. State Street's payout ratio is currently 36.89%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on STT shares. Barclays lifted their target price on shares of State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a report on Monday, January 6th. 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 research report on Tuesday, January 21st. Evercore ISI decreased their target price on State Street from $109.00 to $106.00 and set an "outperform" rating on the stock in a research report on Tuesday. Morgan Stanley cut their price target on State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a report on Wednesday. Finally, StockNews.com downgraded shares of State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $102.07.

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.