California Public Employees Retirement System cut its holdings in shares of State Street Co. (NYSE:STT - Free Report) by 6.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 509,050 shares of the asset manager's stock after selling 35,758 shares during the period. California Public Employees Retirement System owned 0.17% of State Street worth $49,963,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of STT. Townsquare Capital LLC purchased a new position in State Street during the 3rd quarter worth $351,000. Rockefeller Capital Management L.P. increased its stake in State Street by 14.1% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 24,631 shares of the asset manager's stock valued at $2,176,000 after purchasing an additional 3,037 shares in the last quarter. Verition Fund Management LLC raised its stake in shares of State Street by 57.3% during the 3rd quarter. Verition Fund Management LLC now owns 39,854 shares of the asset manager's stock worth $3,526,000 after buying an additional 14,517 shares during the last quarter. Hilltop Holdings Inc. raised its position in State Street by 12.8% during the third quarter. Hilltop Holdings Inc. now owns 4,152 shares of the asset manager's stock worth $367,000 after acquiring an additional 472 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in shares of 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 worth $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.
Insider Activity at State Street
In other State Street news, EVP Ann Fogarty sold 3,705 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were 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 directly owns 50,816 shares of the company's stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The transaction 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 firm's stock in a transaction dated 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 sale, the director now owns 100,023 shares of the company's stock, valued at $10,002,300. This represents a 9.76 % 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.
Analyst Ratings Changes
A number of analysts recently commented on STT shares. Wolfe Research raised State Street from an "underperform" rating to a "peer perform" rating in a research note on Monday, January 27th. StockNews.com lowered shares of State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $103.00 target price (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Wells Fargo & Company lowered their target price on shares of State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Finally, 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 research note on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, State Street presently has a consensus rating of "Hold" and a consensus price target of $102.07.
Get Our Latest Stock Analysis on State Street
State Street Trading Down 7.8 %
NYSE STT traded down $6.95 during mid-day trading on Thursday, hitting $82.64. The company's stock had a trading volume of 3,019,991 shares, compared to its average volume of 2,168,103. The firm has a market capitalization of $23.84 billion, a P/E ratio of 10.03, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00. The stock's fifty day simple moving average is $94.55 and its two-hundred day simple moving average is $94.53.
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 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 business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter last year, the firm posted $2.04 EPS. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. Research analysts expect that State Street Co. will post 9.68 EPS for the current year.
State Street Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be paid a $0.76 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.68%. State Street's dividend payout ratio (DPR) is currently 36.89%.
State Street Company Profile
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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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