Capital Research Global Investors Acquires 20,825 Shares of State Street Co. (NYSE:STT)

Capital Research Global Investors lifted its holdings in State Street Co. (NYSE:STT) by 2.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 914,141 shares of the asset manager’s stock after buying an additional 20,825 shares during the quarter. Capital Research Global Investors owned about 0.31% of State Street worth $89,723,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Adero Partners LLC raised its stake in shares of State Street by 3.6% in the fourth quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock worth $285,000 after acquiring an additional 100 shares during the last quarter. Peapack Gladstone Financial Corp raised its position in State Street by 2.0% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after purchasing an additional 103 shares during the last quarter. Jacobi Capital Management LLC lifted its holdings in State Street by 1.0% during the 4th quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock worth $1,201,000 after buying an additional 121 shares in the last quarter. Moors & Cabot Inc. boosted its position in State Street by 0.7% in the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock valued at $1,799,000 after buying an additional 131 shares during the last quarter. Finally, Apollon Wealth Management LLC increased its stake in shares of State Street by 1.4% in the 4th quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock valued at $986,000 after buying an additional 138 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Up 2.2 %

NYSE STT opened at $81.39 on Monday. 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 stock’s 50-day moving average is $89.24 and its 200-day moving average is $93.82. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The firm has a market cap of $23.49 billion, a P/E ratio of 9.88, a P/E/G ratio of 1.11 and a beta of 1.42.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $3.30 billion. During the same quarter in the previous year, the firm posted $1.69 earnings per share. Sell-side analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.74%. The ex-dividend date was Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 34.12%.

Insider Buying and Selling at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the company’s 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 transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This represents a 6.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares in the company, valued at $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. Company insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on STT. The Goldman Sachs Group set a $98.00 price target on State Street and gave the company a “buy” rating in a report on Thursday. Morgan Stanley cut their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 2nd. Truist Financial dropped their price target 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. Citigroup reduced their price objective on shares of State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Finally, Evercore ISI cut their price target on State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, State Street has a consensus rating of “Hold” and an average target price 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.