Franklin Resources Inc. lifted its holdings in State Street Co. (NYSE:STT - Free Report) by 1.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,422,147 shares of the asset manager's stock after acquiring an additional 55,598 shares during the period. Franklin Resources Inc. owned approximately 1.17% of State Street worth $335,884,000 as of its most recent filing with the SEC.
A number of other hedge funds have also bought and sold shares of the business. Albion Financial Group UT bought a new stake in State Street in the 4th quarter valued at about $25,000. Y.D. More Investments Ltd raised its position in shares of State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock valued at $36,000 after buying an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in shares of State Street in the fourth quarter valued at approximately $42,000. Loomis Sayles & Co. L P grew its position 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 buying an additional 311 shares in the last quarter. Finally, Friedenthal Financial bought a new position in State Street during the 4th quarter worth $49,000. 87.44% of the stock is owned by institutional investors.
Insider Buying and Selling
In other news, Director Gregory L. Summe sold 10,815 shares of the firm's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, the director now owns 100,023 shares of the company's stock, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.
State Street Price Performance
Shares of NYSE:STT traded down $6.95 during trading on Thursday, hitting $82.64. 3,019,991 shares of the company were exchanged, compared to its average volume of 2,165,791. 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 $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 quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The business's 50 day moving average is $94.85 and its 200-day moving average is $94.62.
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 (EPS) for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $3.27 billion. During the same quarter in the prior year, the firm earned $2.04 EPS. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts forecast that State Street Co. will post 9.68 earnings per share for the current year.
State Street Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued 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 3.68%. State Street's dividend payout ratio (DPR) is presently 36.89%.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on STT. JPMorgan Chase & Co. upgraded State Street from an "underweight" rating to a "neutral" rating and set a $95.00 target price for the company in a research report on Friday, December 20th. Truist Financial cut their price objective on shares of State Street from $106.00 to $104.00 and set a "hold" rating for the company in a research report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Citigroup cut their price target on shares of State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Finally, Evercore ISI decreased their price objective on shares of State Street from $109.00 to $106.00 and set an "outperform" rating on the stock in a research note on Tuesday. One investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $102.07.
Get Our Latest Stock Report on STT
About State Street
(
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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