Brandes Investment Partners LP Reduces Stake in State Street Co. (NYSE:STT)

Brandes Investment Partners LP lessened its stake in State Street Co. (NYSE:STT - Free Report) by 4.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,053,714 shares of the asset manager's stock after selling 45,818 shares during the period. Brandes Investment Partners LP owned about 0.36% of State Street worth $103,422,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Geode Capital Management LLC increased its holdings in State Street by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager's stock valued at $632,111,000 after purchasing an additional 41,442 shares during the period. FMR LLC increased its holdings in State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager's stock valued at $540,796,000 after purchasing an additional 833,679 shares during the period. Hotchkis & Wiley Capital Management LLC increased its holdings in 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 valued at $514,136,000 after purchasing an additional 1,354,560 shares during the period. Amundi increased its holdings in State Street by 11.1% during the 4th quarter. Amundi now owns 5,602,547 shares of the asset manager's stock valued at $547,636,000 after purchasing an additional 561,773 shares during the period. Finally, Franklin Resources Inc. increased its holdings in 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 purchasing an additional 408,792 shares during the period. Institutional investors own 87.44% of the company's stock.

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Wall Street Analysts Forecast Growth

STT has been the topic of a number of research analyst reports. Barclays boosted their price target on State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a report on Monday, January 6th. Truist Financial reduced their price target on State Street from $106.00 to $104.00 and set a "hold" rating on the stock in a report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $103.00 target price (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Wolfe Research raised State Street from an "underperform" rating to a "peer perform" rating in a research report on Monday, January 27th. Finally, StockNews.com lowered State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $101.20.

Insider Buying and Selling at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of the firm's stock in a transaction on 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 transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Ann Fogarty sold 3,705 shares of the firm's stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company's stock.

State Street Stock Up 2.5 %

STT stock traded up $2.22 on Wednesday, reaching $90.33. 2,444,658 shares of the company traded hands, compared to its average volume of 2,061,275. 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 current ratio of 0.56 and a quick ratio of 0.56. The company has a market cap of $26.06 billion, a P/E ratio of 10.96, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The firm has a fifty day simple moving average of $96.29 and a 200-day simple moving average of $94.19.

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, beating 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 for the quarter, compared to the consensus estimate of $3.27 billion. During the same period last year, the business posted $2.04 EPS. The company's revenue was up 12.1% compared to the same quarter last year. Research analysts anticipate 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. Shareholders of record on Tuesday, April 1st will be paid 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 3.37%. State Street's dividend payout ratio is 36.89%.

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.