Allstate Corp Makes New $832,000 Investment in State Street Co. (NYSE:STT)

Allstate Corp purchased a new position in shares of State Street Co. (NYSE:STT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,472 shares of the asset manager's stock, valued at approximately $832,000.

Several other large investors also recently modified their holdings of STT. Albion Financial Group UT bought a new position in State Street during the 4th quarter worth approximately $25,000. Y.D. More Investments Ltd boosted its position in shares of State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock valued at $36,000 after purchasing an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in State Street during the fourth quarter worth approximately $42,000. Loomis Sayles & Co. L P grew its stake in State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock worth $47,000 after purchasing an additional 311 shares during the period. Finally, Friedenthal Financial bought a new stake in State Street in the fourth quarter worth approximately $49,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Price Performance

STT traded up $0.85 during trading on Wednesday, reaching $89.67. The stock had a trading volume of 1,108,145 shares, compared to its average volume of 2,162,388. The business has a 50-day moving average of $94.99 and a 200-day moving average of $94.65. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a market cap of $25.87 billion, a PE ratio of 10.88, a PEG ratio of 1.11 and a beta of 1.44.

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State Street (NYSE:STT - Get Free Report) last issued 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 business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the prior year, the firm earned $2.04 earnings per share. State Street's revenue for the quarter was up 12.1% on a year-over-year basis. As a group, equities research analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have commented on STT shares. Truist Financial decreased their price target on shares of State Street from $106.00 to $104.00 and set a "hold" rating for the company in a research note on Tuesday, January 21st. Evercore ISI dropped their target price on shares of State Street from $109.00 to $106.00 and set an "outperform" rating on the stock in a research report on Tuesday. 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 report on Friday, December 20th. StockNews.com cut State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Finally, Wells Fargo & Company decreased their target price on State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a research report on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $102.07.

Insider Activity

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on Tuesday, February 18th. The stock was 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 approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction 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 directly owns 100,023 shares in the company, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

State Street Company 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.