State Street Co. (NYSE:STT) Shares Sold by Truist Financial Corp

Truist Financial Corp lowered its position in shares of State Street Co. (NYSE:STT - Free Report) by 25.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 113,292 shares of the asset manager's stock after selling 37,964 shares during the quarter. Truist Financial Corp's holdings in State Street were worth $11,120,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC increased its position in State Street by 30.4% in the 3rd 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 grew its position in shares of State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager's stock worth $540,796,000 after buying an additional 833,679 shares during the period. Wellington Management Group LLP grew its position in shares of State Street by 818.1% during the 3rd 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 period. National Bank of Canada FI boosted its stake in State Street by 99.4% during the 3rd 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. Finally, Franklin Resources Inc. boosted its stake in State Street by 13.8% during the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager's stock worth $306,116,000 after acquiring an additional 408,792 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Trading Down 0.9 %

NYSE STT traded down $0.91 during trading hours on Friday, reaching $98.74. The company's stock had a trading volume of 1,808,387 shares, compared to its average volume of 1,973,938. The stock has a market cap of $28.48 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.11 and a beta of 1.43. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a fifty day simple moving average of $98.58 and a 200-day simple moving average of $92.64.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the previous year, the business posted $2.04 EPS. State Street's revenue for the quarter was up 12.1% compared to the same quarter last year. Equities analysts forecast that State Street Co. will post 9.65 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street's dividend payout ratio is currently 36.89%.

Analyst Ratings Changes

STT has been the topic of a number of research reports. Morgan Stanley cut their price target on shares of State Street from $139.00 to $132.00 and set an "overweight" rating on the stock in a research note on Friday, January 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. raised shares of State Street from an "underweight" rating to a "neutral" rating and set a $95.00 price objective on the stock in a research report on Friday, December 20th. Wells Fargo & Company boosted their price objective on shares of State Street from $108.00 to $118.00 and gave the stock an "overweight" rating in a research report on Thursday, January 2nd. Finally, Barclays boosted their price objective on shares of State Street from $108.00 to $127.00 and gave the stock an "overweight" rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $100.73.

Insider Activity at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company's stock, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 100,023 shares of the company's stock, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,020 shares of company stock worth $2,674,661. Company insiders own 0.31% of the company's stock.

State Street Profile

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.