Grantham Mayo Van Otterloo & Co. LLC reduced its position in State Street Co. (NYSE:STT - Free Report) by 6.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 160,598 shares of the asset manager's stock after selling 11,815 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC owned approximately 0.05% of State Street worth $15,763,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC purchased a new stake in shares of State Street during the 4th quarter valued at approximately $272,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in State Street by 3.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock valued at $44,725,000 after acquiring an additional 14,476 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of State Street by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after acquiring an additional 10,404 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock worth $7,289,000 after acquiring an additional 7,446 shares during the period. Finally, Merit Financial Group LLC purchased a new position in shares of State Street in the fourth quarter valued at $395,000. Hedge funds and other institutional investors own 87.44% of the company's stock.
State Street Trading Down 0.7 %
NYSE STT traded down $0.58 during trading on Friday, hitting $78.42. 730,407 shares of the company's stock traded hands, compared to its average volume of 2,192,692. The firm has a market cap of $22.63 billion, a P/E ratio of 9.50, a PEG ratio of 1.11 and a beta of 1.42. The stock has a fifty day moving average of $91.42 and a two-hundred day moving average of $94.06. 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 12-month low of $70.20 and a 12-month high of $103.00.
State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business's quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.04 EPS. As a group, sell-side analysts expect that State Street Co. will post 9.68 EPS for the current year.
State Street Dividend Announcement
The company 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 $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date is Tuesday, April 1st. State Street's dividend payout ratio (DPR) is presently 36.89%.
Wall Street Analyst Weigh In
Several brokerages have commented on STT. Wells Fargo & Company cut their target price on State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. StockNews.com lowered shares of State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. Evercore ISI cut their price target on shares of State Street from $109.00 to $106.00 and set an "outperform" rating for the company in a report on Tuesday, April 1st. Truist Financial reduced their price target on shares of State Street from $104.00 to $89.00 and set a "hold" rating for the company in a research report on Friday, April 4th. Finally, Barclays lifted their price objective on State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $101.07.
Read Our Latest Stock Report 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 company's stock in a transaction on 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 completion of the transaction, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 transaction of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company's stock, valued at $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. Corporate insiders own 0.31% of the company's stock.
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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