Sterling Capital Management LLC Purchases 7,087 Shares of State Street Co. (NYSE:STT)

Sterling Capital Management LLC grew its stake in State Street Co. (NYSE:STT - Free Report) by 32.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,079 shares of the asset manager's stock after buying an additional 7,087 shares during the period. Sterling Capital Management LLC's holdings in State Street were worth $2,854,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in STT. Albion Financial Group UT acquired a new stake in shares of State Street in the fourth quarter valued at about $25,000. Y.D. More Investments Ltd boosted its holdings in State Street by 116.6% during the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager's stock valued at $36,000 after purchasing an additional 197 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new stake in State Street in the fourth quarter valued at $42,000. Loomis Sayles & Co. L P increased its position in shares of State Street by 187.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock worth $47,000 after purchasing an additional 311 shares in the last quarter. Finally, Friedenthal Financial acquired a new position in shares of State Street in the 4th quarter worth approximately $49,000. Institutional investors own 87.44% of the company's stock.

Insider Transactions at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction 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 transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the firm's stock in a transaction dated 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 in the company, valued at $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. 0.31% of the stock is currently owned by insiders.

State Street Stock Performance

STT traded up $1.76 during trading hours on Friday, reaching $81.39. The company's stock had a trading volume of 5,521,939 shares, compared to its average volume of 2,183,465. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The firm has a market cap of $23.49 billion, a PE ratio of 9.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The company's 50-day moving average is $89.58 and its 200-day moving average is $93.75. 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 (NYSE:STT - Get Free Report) last released its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.30 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same period last year, the firm posted $1.69 EPS. On average, equities analysts forecast that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.74%. The ex-dividend date was Tuesday, April 1st. State Street's dividend payout ratio (DPR) is currently 36.89%.

Wall Street Analyst Weigh In

STT has been the subject of a number of research reports. Bank of America raised their price target on shares of State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a report on Wednesday, April 2nd. Truist Financial cut their target price on shares of State Street from $104.00 to $89.00 and set a "hold" rating on the stock in a report on Friday, April 4th. Wells Fargo & Company decreased their target price on State Street from $118.00 to $113.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Barclays raised their target price on shares of State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. upgraded State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price objective for the company in a report on Friday, December 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $103.54.

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.