Fayez Sarofim & Co Makes New Investment in State Street Co. (NYSE:STT)

Fayez Sarofim & Co purchased a new stake in State Street Co. (NYSE:STT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 18,279 shares of the asset manager's stock, valued at approximately $1,794,000.

Several other institutional investors have also modified their holdings of the business. Albion Financial Group UT acquired a new position in shares of State Street during the fourth quarter worth $25,000. Y.D. More Investments Ltd increased its holdings in shares of State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock valued at $36,000 after acquiring an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of State Street during the 4th quarter worth about $42,000. Loomis Sayles & Co. L P lifted its stake in State Street by 187.3% during the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock worth $47,000 after purchasing an additional 311 shares during the last quarter. Finally, Friedenthal Financial purchased a new position in State Street in the fourth quarter valued at approximately $49,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Insider Buying and Selling at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of the 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 directly 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. 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 report on Friday, March 28th. The Goldman Sachs Group set a $98.00 target price on State Street and gave the company a "buy" rating in a report on Thursday, April 17th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $103.00 price objective (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Barclays reduced their price target on shares of State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday. Finally, Truist Financial dropped their price target on State Street from $89.00 to $85.00 and set a "hold" rating on the stock in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $102.15.

State Street Price Performance

Shares of NYSE:STT traded up $2.03 on Thursday, reaching $87.55. 2,556,296 shares of the company were exchanged, compared to its average volume of 2,170,240. The company has a 50-day moving average of $88.07 and a 200-day moving average of $93.65. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a market cap of $25.27 billion, a price-to-earnings ratio of 10.63, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. During the same period in the prior year, the business posted $1.69 earnings per share. Equities analysts forecast that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were given a dividend of $0.76 per share. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.47%. State Street's payout ratio is 34.12%.

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.