National Bank of Canada FI lowered its holdings in shares of State Street Co. (NYSE:STT - Free Report) by 84.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 137,435 shares of the asset manager's stock after selling 750,711 shares during the period. National Bank of Canada FI's holdings in State Street were worth $13,490,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of STT. Geode Capital Management LLC grew its position in State Street by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager's stock valued at $632,111,000 after purchasing an additional 41,442 shares during the period. 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 valued at $547,636,000 after buying an additional 561,773 shares during the period. Franklin Resources Inc. increased its stake in shares of State Street by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager's stock worth $335,884,000 after purchasing an additional 55,598 shares during the last quarter. Nordea Investment Management AB lifted its position in shares of State Street by 21.2% during the 4th quarter. Nordea Investment Management AB now owns 2,180,504 shares of the asset manager's stock valued at $214,998,000 after buying an additional 381,260 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after purchasing an additional 10,404 shares in the last quarter. Institutional investors own 87.44% of the company's stock.
State Street Stock Performance
NYSE:STT traded down $4.98 during trading hours on Thursday, reaching $77.34. The company had a trading volume of 459,872 shares, compared to its average volume of 2,130,620. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The firm's 50 day moving average price is $91.80 and its 200-day moving average price is $94.12. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a market cap of $22.32 billion, a price-to-earnings ratio of 9.40, a PEG ratio of 1.11 and a beta of 1.42.
State Street (NYSE:STT - Get Free Report) last announced 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 company had revenue of $3.41 billion for the quarter, compared to analysts' expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the firm earned $2.04 EPS. On average, analysts forecast that State Street Co. will post 9.68 EPS for the current year.
State Street Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.93%. State Street's dividend payout ratio (DPR) is presently 36.89%.
Insider Activity
In other State Street news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on 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 sale, the director now 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the firm'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 completion of the transaction, the executive vice president now directly owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on STT. Truist Financial reduced their price objective on shares of State Street from $104.00 to $89.00 and set a "hold" rating for the company in a research note on Friday, April 4th. JPMorgan Chase & Co. upgraded shares of State Street from an "underweight" rating to a "neutral" rating and set a $95.00 target price for the company in a research report on Friday, December 20th. Citigroup decreased their price objective on State Street from $105.00 to $100.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Barclays lifted their price objective on State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, Morgan Stanley lowered their price target on shares of State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $101.07.
View Our Latest Analysis on State Street
State Street Profile
(
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.
See Also
Before you consider State Street, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and State Street wasn't on the list.
While State Street currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
