LSV Asset Management Cuts Position in State Street Co. (NYSE:STT)

LSV Asset Management cut its stake in shares of State Street Co. (NYSE:STT - Free Report) by 4.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,018,328 shares of the asset manager's stock after selling 243,318 shares during the period. State Street makes up 1.1% of LSV Asset Management's investment portfolio, making the stock its 10th biggest holding. LSV Asset Management owned 1.71% of State Street worth $492,549,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new stake in State Street in the fourth quarter valued at $161,021,000. FMR LLC boosted its holdings in State Street by 14.2% during the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after buying an additional 870,849 shares in the last quarter. Amundi grew its position in State Street by 11.1% during the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager's stock worth $547,636,000 after buying an additional 561,773 shares during the period. Wellington Management Group LLP increased its holdings in State Street by 818.1% in the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager's stock valued at $45,889,000 after buying an additional 462,201 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of State Street during the 4th quarter valued at approximately $44,070,000. Institutional investors and hedge funds own 87.44% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Morgan Stanley reduced their price objective on State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. Citigroup lowered their price objective on shares of State Street from $105.00 to $100.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. StockNews.com cut shares of State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. Bank of America increased their price target on shares of State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a research report on Wednesday, April 2nd. Finally, Truist Financial reduced their target price on State Street from $104.00 to $89.00 and set a "hold" rating on the stock in a research note on Friday, April 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of "Hold" and an average target price of $102.43.

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State Street Stock Up 1.2 %

Shares of NYSE:STT traded up $1.00 during mid-day trading on Tuesday, hitting $81.91. 628,776 shares of the company traded hands, compared to its average volume of 2,174,493. The firm's 50 day simple moving average is $90.67 and its 200 day simple moving average is $93.98. The firm has a market cap of $23.64 billion, a P/E ratio of 9.94, a PEG ratio of 1.11 and a beta of 1.42. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. 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 posted its 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 net margin of 12.14% and a return on equity of 12.60%. The business's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.04 earnings per share. On average, equities analysts anticipate that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were paid a dividend of $0.76 per share. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.71%. State Street's dividend payout ratio is presently 36.89%.

Insider Transactions at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares of the company's stock, valued at $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company's stock.

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.