Tower Research Capital LLC TRC reduced its position in shares of State Street Co. (NYSE:STT - Free Report) by 22.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,452 shares of the asset manager's stock after selling 6,711 shares during the period. Tower Research Capital LLC TRC's holdings in State Street were worth $2,302,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new position in shares of State Street in the third quarter valued at about $1,125,000. Synovus Financial Corp increased its holdings in shares of State Street by 10.3% during the third quarter. Synovus Financial Corp now owns 13,321 shares of the asset manager's stock worth $1,179,000 after purchasing an additional 1,247 shares during the period. Peapack Gladstone Financial Corp raised its position in shares of State Street by 2.0% in the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager's stock valued at $467,000 after buying an additional 103 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of State Street by 13.8% in the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager's stock valued at $306,116,000 after buying an additional 408,792 shares during the period. Finally, Inspire Trust Co. N.A. grew its position in State Street by 5.9% during the third quarter. Inspire Trust Co. N.A. now owns 35,776 shares of the asset manager's stock worth $3,165,000 after buying an additional 2,000 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.
State Street Stock Performance
State Street stock opened at $83.74 on Wednesday. The business has a 50 day moving average of $88.58 and a 200-day moving average of $93.70. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The company has a market capitalization of $24.17 billion, a P/E ratio of 10.16, a P/E/G ratio of 1.11 and a beta of 1.42.
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 (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter last year, the firm earned $1.69 earnings per share. On average, equities research analysts predict that State Street Co. will post 9.68 earnings per share for the current year.
State Street Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were given a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.63%. State Street's dividend payout ratio (DPR) is presently 34.12%.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on STT. StockNews.com downgraded State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. Truist Financial reduced their price objective on shares of State Street from $89.00 to $85.00 and set a "hold" rating on the stock in a research note on Monday. Keefe, Bruyette & Woods decreased their target price on shares of State Street from $118.00 to $113.00 and set an "outperform" rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $103.00 price target (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Finally, The Goldman Sachs Group set a $98.00 target price on State Street and gave the stock a "buy" rating in a research note on Thursday, April 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $102.15.
Get Our Latest Report on STT
Insider Buying and Selling at State Street
In other news, EVP Ann Fogarty sold 3,705 shares of the company's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following 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 represents a 6.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on 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 sale, the director now owns 100,023 shares of the company's stock, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company's stock.
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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