O Shaughnessy Asset Management LLC lifted its position in shares of State Street Corporation (NYSE:STT – Free Report) by 13.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 248,775 shares of the asset manager’s stock after purchasing an additional 29,857 shares during the period. O Shaughnessy Asset Management LLC’s holdings in State Street were worth $32,094,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Regents of The University of California acquired a new position in State Street in the 3rd quarter worth $324,576,000. Norges Bank acquired a new position in shares of State Street in the fourth quarter worth about $303,483,000. Pinebridge Investments LLC purchased a new position in State Street in the fourth quarter valued at about $178,705,000. Two Sigma Investments LP grew its stake in State Street by 261.0% during the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock valued at $141,277,000 after purchasing an additional 880,507 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in State Street by 36.8% during the 3rd quarter. First Trust Advisors LP now owns 2,747,646 shares of the asset manager’s stock worth $318,754,000 after purchasing an additional 738,456 shares during the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have recently weighed in on STT. Keefe, Bruyette & Woods raised their price target on shares of State Street from $157.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, April 20th. Morgan Stanley raised their price objective on shares of State Street from $155.00 to $166.00 and gave the stock an “overweight” rating in a report on Monday, April 20th. Argus boosted their target price on shares of State Street from $140.00 to $168.00 and gave the stock a “buy” rating in a research report on Tuesday, April 21st. Evercore set a $158.00 target price on shares of State Street and gave the company an “outperform” rating in a research note on Monday, April 20th. Finally, Truist Financial increased their price target on shares of State Street from $136.00 to $150.00 and gave the stock a “hold” rating in a research report on Monday, April 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, State Street has an average rating of “Moderate Buy” and an average target price of $158.57.
Insider Buying and Selling
In related news, EVP Michael L. Richards sold 3,000 shares of the company’s stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $153.89, for a total value of $461,670.00. Following the completion of the sale, the executive vice president owned 43,522 shares of the company’s stock, valued at $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP W. Bradford Hu sold 9,212 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the transaction, the executive vice president owned 59,552 shares of the company’s stock, valued at $9,251,403.20. This represents a 13.40% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 52,476 shares of company stock valued at $7,624,925. Company insiders own 0.27% of the company’s stock.
State Street Trading Up 0.1%
Shares of NYSE:STT opened at $161.91 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The company’s 50-day moving average price is $147.70 and its 200 day moving average price is $134.16. The company has a market cap of $44.81 billion, a PE ratio of 16.42, a P/E/G ratio of 0.88 and a beta of 1.43. State Street Corporation has a fifty-two week low of $95.67 and a fifty-two week high of $163.95.
State Street (NYSE:STT – Get Free Report) last issued its quarterly earnings data on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.64 by $0.20. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business had revenue of $3.80 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same period in the previous year, the firm posted $2.04 earnings per share. The business’s revenue was up 15.6% on a year-over-year basis. Sell-side analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current year.
State Street Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Wednesday, July 1st. State Street’s payout ratio is 34.08%.
State Street Company Profile
State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.
State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.
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