Legacy Capital Wealth Partners LLC cut its stake in State Street Co. (NYSE:STT - Free Report) by 44.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,453 shares of the asset manager's stock after selling 2,739 shares during the period. Legacy Capital Wealth Partners LLC's holdings in State Street were worth $339,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in STT. Flagship Harbor Advisors LLC acquired a new stake in shares of State Street during the fourth quarter worth $272,000. KBC Group NV boosted its position in State Street by 20.5% during the third quarter. KBC Group NV now owns 74,680 shares of the asset manager's stock worth $6,607,000 after purchasing an additional 12,707 shares during the period. Merit Financial Group LLC bought a new position in shares of State Street in the fourth quarter valued at approximately $395,000. Janney Montgomery Scott LLC boosted its holdings in shares of State Street by 11.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock worth $7,289,000 after buying an additional 7,446 shares during the period. Finally, Asset Management One Co. Ltd. grew its stake in State Street by 17.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager's stock valued at $12,124,000 after buying an additional 20,183 shares during the last quarter. Institutional investors own 87.44% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. StockNews.com downgraded shares of State Street from a "buy" rating to a "hold" rating in a report on Friday, February 14th. Barclays raised their price objective on shares of State Street from $108.00 to $127.00 and gave the company an "overweight" rating in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $103.00 price objective (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Truist Financial cut their target price on State Street from $106.00 to $104.00 and set a "hold" rating on the stock in a research note on Tuesday, January 21st. Finally, Morgan Stanley reduced their price target on State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a research report on Friday, January 3rd. 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $100.73.
Read Our Latest Stock Analysis on State Street
Insider Transactions at State Street
In other news, Director Gregory L. Summe sold 10,815 shares of the business's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. 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 firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares of the company's stock, valued at $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,020 shares of company stock valued at $2,674,661. Insiders own 0.31% of the company's stock.
State Street Stock Performance
State Street stock traded down $0.18 during mid-day trading on Thursday, reaching $99.63. 2,019,695 shares of the company's stock were exchanged, compared to its average volume of 1,978,957. The firm has a market capitalization of $28.74 billion, a PE ratio of 12.09, a P/E/G ratio of 1.12 and a beta of 1.43. 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 one year low of $70.20 and a one year high of $103.00. The business's fifty day simple moving average is $98.60 and its 200 day simple moving average is $92.59.
State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm's revenue was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.04 EPS. On average, sell-side analysts expect that State Street Co. will post 9.65 earnings per share for the current year.
State Street Announces Dividend
The company also recently disclosed 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 3.05%. State Street's dividend payout ratio (DPR) is 36.89%.
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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