Pitcairn Co. decreased its position in shares of State Street Co. (NYSE:STT - Free Report) by 21.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,531 shares of the asset manager's stock after selling 5,334 shares during the period. Pitcairn Co.'s holdings in State Street were worth $1,917,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of State Street during the 4th quarter worth about $161,021,000. Amundi increased its position in State Street by 11.1% in the 4th 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 lifted its holdings in shares of State Street by 818.1% during the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager's stock worth $45,889,000 after buying an additional 462,201 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of State Street in the fourth quarter valued at approximately $44,070,000. Finally, National Bank of Canada FI grew its stake in shares of State Street by 99.4% in the third quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager's stock worth $78,574,000 after acquiring an additional 442,725 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
STT has been the subject of a number of research reports. JPMorgan Chase & Co. raised shares of State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price target for the company in a report on Friday, December 20th. Wolfe Research upgraded shares of State Street from an "underperform" rating to a "peer perform" rating in a research note on Monday, January 27th. StockNews.com lowered State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Morgan Stanley cut their price target on State Street from $139.00 to $132.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. Finally, Bank of America boosted their price objective on State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a research report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, State Street has a consensus rating of "Hold" and an average price target of $101.07.
Read Our Latest Stock Analysis on STT
Insider Buying and Selling at State Street
In other news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction on Tuesday, February 18th. The stock was 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 approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction on 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 directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents 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.
State Street Price Performance
Shares of NYSE STT traded down $1.50 during mid-day trading on Wednesday, hitting $73.83. 545,936 shares of the stock were exchanged, compared to its average volume of 2,184,544. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00. The stock's fifty day simple moving average is $92.58 and its two-hundred day simple moving average is $94.25. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The company has a market cap of $21.31 billion, a P/E ratio of 8.95, a PEG ratio of 1.11 and a beta of 1.42.
State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion during 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 business's revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.04 EPS. As a group, analysts forecast that State Street Co. will post 9.68 EPS for the current fiscal year.
State Street Dividend Announcement
The business 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 dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 4.12%. The ex-dividend date is Tuesday, April 1st. State Street's dividend payout ratio is currently 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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