NEOS Investment Management LLC grew its holdings in State Street Co. (NYSE:STT - Free Report) by 29.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,273 shares of the asset manager's stock after purchasing an additional 3,728 shares during the period. NEOS Investment Management LLC's holdings in State Street were worth $1,585,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the business. Hotchkis & Wiley Capital Management LLC grew its stake in State Street by 30.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager's stock valued at $514,136,000 after acquiring an additional 1,354,560 shares in the last quarter. FMR LLC boosted its holdings in State Street by 15.8% in the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager's stock valued at $540,796,000 after purchasing an additional 833,679 shares during the period. Amundi grew its position in shares of State Street by 11.1% during the 4th quarter. Amundi now owns 5,602,547 shares of the asset manager's stock valued at $547,636,000 after purchasing an additional 561,773 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of State Street by 818.1% in the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager's stock worth $45,889,000 after purchasing an additional 462,201 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of State Street in the fourth quarter worth $44,070,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, EVP Ann Fogarty sold 3,705 shares of the business's 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 sale, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the 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 transaction, the director now owns 100,023 shares of the company's stock, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company's stock.
Wall Street Analyst Weigh In
STT has been the subject of several recent analyst reports. Bank of America boosted their target price on State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research report on Wednesday. StockNews.com lowered State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. Citigroup lowered their target price 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. Wolfe Research raised shares of State Street from an "underperform" rating to a "peer perform" rating in a research note on Monday, January 27th. Finally, Truist Financial lowered their price objective on shares of State Street from $106.00 to $104.00 and set a "hold" rating on the stock in a research report on Tuesday, January 21st. One investment 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. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $102.07.
Get Our Latest Report on STT
State Street Trading Down 7.6 %
Shares of NYSE:STT traded down $6.81 on Thursday, reaching $82.78. 715,797 shares of the company traded hands, compared to its average volume of 2,156,966. The stock has a market capitalization of $23.88 billion, a P/E ratio of 10.05, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The business's 50-day simple moving average is $94.85 and its 200 day simple moving average is $94.62. The company has a current ratio of 0.56, a quick 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 posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same period last year, the company earned $2.04 EPS. State Street's revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, equities analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.
State Street Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street's dividend payout ratio (DPR) is currently 36.89%.
About State Street
(
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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