Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in State Street Co. (NYSE:STT)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in State Street Co. (NYSE:STT - Free Report) by 1,582.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 130,270 shares of the asset manager's stock after purchasing an additional 122,528 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in State Street were worth $12,786,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Assetmark Inc. raised its stake in shares of State Street by 4.0% in the third quarter. Assetmark Inc. now owns 5,193 shares of the asset manager's stock valued at $459,000 after acquiring an additional 201 shares during the period. Apollon Wealth Management LLC raised its position in State Street by 2.5% in the 3rd quarter. Apollon Wealth Management LLC now owns 9,912 shares of the asset manager's stock worth $877,000 after purchasing an additional 241 shares during the period. KBC Group NV lifted its stake in State Street by 20.5% in the third quarter. KBC Group NV now owns 74,680 shares of the asset manager's stock worth $6,607,000 after purchasing an additional 12,707 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of State Street by 4.5% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 8,124 shares of the asset manager's stock valued at $719,000 after buying an additional 351 shares during the period. Finally, Balboa Wealth Partners bought a new position in shares of State Street during the third quarter valued at approximately $216,000. Hedge funds and other institutional investors own 87.44% of the company's stock.

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Insiders Place Their Bets

In other news, 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 sale, the director now owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.

State Street Stock Up 2.5 %

State Street stock traded up $2.22 during midday trading on Wednesday, reaching $90.33. The company's stock had a trading volume of 2,444,520 shares, compared to its average volume of 2,061,275. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00. The stock has a market capitalization of $26.06 billion, a P/E ratio of 10.96, a PEG 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. The stock's 50-day simple moving average is $96.29 and its 200-day simple moving average is $94.19.

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 for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company 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 firm earned $2.04 EPS. State Street's revenue was up 12.1% compared to the same quarter last year. On average, sell-side analysts expect that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be given a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.37%. State Street's dividend payout ratio is currently 36.89%.

Wall Street Analyst Weigh In

STT has been the subject of a number of recent analyst reports. Wells Fargo & Company boosted their price objective on State Street from $108.00 to $118.00 and gave the company an "overweight" rating in a report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $103.00 price target (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Truist Financial decreased their price objective on shares of State Street from $106.00 to $104.00 and set a "hold" rating for the company in a report on Tuesday, January 21st. Wolfe Research upgraded shares of State Street from an "underperform" rating to a "peer perform" rating in a research note on Monday, January 27th. Finally, Morgan Stanley decreased their price target on shares of State Street from $142.00 to $139.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. 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 stock. According to data from MarketBeat, State Street has a consensus rating of "Hold" and an average target price of $101.20.

State Street 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.