Harvest Fund Management Co. Ltd Raises Stock Holdings in State Street Co. (NYSE:STT)

Harvest Fund Management Co. Ltd increased its position in shares of State Street Co. (NYSE:STT - Free Report) by 512.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,695 shares of the asset manager's stock after buying an additional 9,787 shares during the period. Harvest Fund Management Co. Ltd's holdings in State Street were worth $1,148,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in STT. Albion Financial Group UT purchased a new stake in shares of State Street in the 4th quarter valued at approximately $25,000. Y.D. More Investments Ltd increased its holdings in 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 during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in State Street in the fourth quarter valued at $42,000. Friedenthal Financial purchased a new stake in State Street during the 4th quarter worth about $49,000. Finally, Hager Investment Management Services LLC acquired a new position in shares of State Street during the 4th quarter worth about $56,000. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Stock Performance

STT traded up $2.32 during trading on Monday, reaching $92.87. The company's stock had a trading volume of 2,097,781 shares, compared to its average volume of 2,062,177. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The company's fifty day moving average price is $95.93 and its 200-day moving average price is $94.28. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00. The company has a market capitalization of $26.79 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

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State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating 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 firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same period in the previous year, the business earned $2.04 earnings per share. The company's revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts forecast that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The business 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 dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street's dividend payout ratio is currently 36.89%.

Insiders Place Their Bets

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the firm's stock in a transaction dated 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 directly owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Ann Fogarty sold 3,705 shares of State Street 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 transaction, the executive vice president now owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on STT shares. JPMorgan Chase & Co. raised State Street from an "underweight" rating to a "neutral" rating and set a $95.00 target price on the stock in a research report on Friday, December 20th. Morgan Stanley reduced their price objective on shares of State Street from $142.00 to $139.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Wells Fargo & Company increased their target price on shares of State Street from $108.00 to $118.00 and gave the company an "overweight" rating in a research report on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $103.00 price target (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Finally, Truist Financial dropped their price objective on State Street from $106.00 to $104.00 and set a "hold" rating on the stock in a report on Tuesday, January 21st. One investment 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. According to MarketBeat.com, State Street has an average rating of "Hold" and a consensus target price of $101.87.

State Street Company 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.