Brown Brothers Harriman & Co. lowered its stake in State Street Co. (NYSE:STT - Free Report) by 7.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 228,228 shares of the asset manager's stock after selling 19,561 shares during the period. Brown Brothers Harriman & Co. owned 0.08% of State Street worth $22,401,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Raymond James Trust N.A. bought a new position in shares of State Street during the third quarter valued at approximately $226,000. Cerity Partners LLC raised its stake in shares of State Street by 35.1% during the third quarter. Cerity Partners LLC now owns 60,936 shares of the asset manager's stock valued at $5,391,000 after purchasing an additional 15,818 shares in the last quarter. FMR LLC boosted its holdings in shares of State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager's stock valued at $540,796,000 after acquiring an additional 833,679 shares in the last quarter. Brooklyn Investment Group bought a new stake in shares of State Street in the 3rd quarter worth $79,000. Finally, Townsquare Capital LLC bought a new stake in State Street in the third quarter worth about $351,000. Institutional investors and hedge funds own 87.44% of the company's stock.
State Street Stock Up 0.7 %
STT traded up $0.58 during mid-day trading on Monday, reaching $89.62. 2,222,700 shares of the stock were exchanged, compared to its average volume of 2,169,173. State Street Co. has a 1 year low of $70.20 and a 1 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 capitalization of $25.85 billion, a PE ratio of 10.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a 50 day moving average price of $95.35 and a two-hundred day moving average price of $94.56.
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 for the quarter, topping analysts' consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. During the same quarter last year, the business earned $2.04 earnings per share. The company's quarterly revenue was up 12.1% on a year-over-year basis. As a group, research analysts anticipate that State Street Co. will post 9.68 EPS for the current year.
State Street Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.39%. State Street's dividend payout ratio (DPR) is presently 36.89%.
Insider Buying and Selling
In other news, 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 completion of the sale, the director now owns 100,023 shares of the company's stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann Fogarty sold 3,705 shares of the business's 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 completion of the sale, the executive vice president now directly owns 50,816 shares of the company's stock, valued at $5,054,667.52. This represents a 6.80 % 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 corporate insiders.
Analysts Set New Price Targets
STT has been the topic of several research reports. Wolfe Research upgraded shares of State Street from an "underperform" rating to a "peer perform" rating in a research note on Monday, January 27th. JPMorgan Chase & Co. raised shares of State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price target for the company in a report on Friday, December 20th. Morgan Stanley decreased their price objective on State Street from $142.00 to $139.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Keefe, Bruyette & Woods raised State Street from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, Truist Financial decreased their target price on State Street from $106.00 to $104.00 and set a "hold" rating on the stock in a report on Tuesday, January 21st. 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, State Street currently has a consensus rating of "Hold" and an average price target of $101.53.
Check Out Our Latest Stock Analysis on State Street
State Street Profile
(
Free Report)
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.
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