Essential Planning LLC. bought a new stake in shares of State Street Co. (NYSE:STT - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 32,500 shares of the asset manager's stock, valued at approximately $3,075,000.
A number of other large investors also recently added to or reduced their stakes in STT. Flagship Harbor Advisors LLC bought a new stake in shares of State Street in the 4th quarter valued at about $272,000. KBC Group NV increased its stake in shares of State Street by 20.5% in the 3rd quarter. KBC Group NV now owns 74,680 shares of the asset manager's stock valued at $6,607,000 after acquiring an additional 12,707 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of State Street by 11.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock valued at $7,289,000 after acquiring an additional 7,446 shares during the last quarter. Merit Financial Group LLC bought a new stake in shares of State Street in the 4th quarter valued at about $395,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of State Street by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock valued at $184,025,000 after acquiring an additional 10,404 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.
State Street Trading Up 0.0 %
Shares of State Street stock opened at $85.76 on Thursday. The business has a fifty day simple moving average of $97.18 and a two-hundred day simple moving average of $94.09. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The company has a market capitalization of $24.74 billion, a price-to-earnings ratio of 10.41, a P/E/G 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 (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (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 during the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter last year, the firm posted $2.04 EPS. The company's quarterly revenue was up 12.1% on a year-over-year basis. Research analysts forecast that State Street Co. will post 9.68 EPS for the current year.
State Street Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.54%. The ex-dividend date is Tuesday, April 1st. State Street's dividend payout ratio is 36.89%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on STT. Truist Financial lowered their target price on State Street from $106.00 to $104.00 and set a "hold" rating for the company in a research note on Tuesday, January 21st. Wells Fargo & Company increased their target price on State Street from $108.00 to $118.00 and gave the stock an "overweight" rating in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $103.00 target price (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. StockNews.com cut State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Finally, Barclays increased their target price on State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $101.20.
View Our Latest Stock Analysis on State Street
Insider Buying and Selling at State Street
In other State Street news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now 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 Securities & Exchange Commission, which is available at this hyperlink. Also, 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 value of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company's stock.
State Street 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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