HBK Sorce Advisory LLC Trims Stake in State Street Co. (NYSE:STT)

HBK Sorce Advisory LLC cut its stake in State Street Co. (NYSE:STT - Free Report) by 30.3% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,662 shares of the asset manager's stock after selling 5,061 shares during the quarter. HBK Sorce Advisory LLC's holdings in State Street were worth $1,145,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Albion Financial Group UT purchased a new position in shares of State Street in the fourth quarter valued at $25,000. Y.D. More Investments Ltd grew 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 purchasing an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in shares of State Street in the fourth quarter valued at $42,000. Coastline Trust Co purchased a new position in shares of State Street in the third quarter valued at $44,000. Finally, Friedenthal Financial purchased a new position in shares of State Street in the fourth quarter valued at $49,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the business'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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gregory L. Summe sold 10,815 shares of the business's 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 transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company's stock.

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Analyst Ratings Changes

STT has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on State Street from $108.00 to $118.00 and gave the company an "overweight" rating in a research note on Thursday, January 2nd. Keefe, Bruyette & Woods raised State Street from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Morgan Stanley dropped their price objective on State Street from $142.00 to $139.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. StockNews.com lowered State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Finally, Truist Financial dropped their price objective 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $101.20.

State Street Trading Up 0.3 %

Shares of STT traded up $0.23 during trading hours on Tuesday, hitting $88.04. The company had a trading volume of 1,694,759 shares, compared to its average volume of 2,067,619. The firm has a market cap of $25.40 billion, a P/E ratio of 10.68, a P/E/G ratio of 1.11 and a beta of 1.44. The stock's 50 day moving average price is $96.48 and its 200 day moving average price is $94.18. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company's quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.04 earnings per share. On average, research analysts predict that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders 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 annualized dividend and a dividend yield of 3.45%. State Street's dividend payout ratio is currently 36.89%.

About State Street

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.