State Street Co. (NYSE:STT) Shares Bought by Man Group plc

Man Group plc boosted its stake in shares of State Street Co. (NYSE:STT) by 14.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,154,515 shares of the asset manager’s stock after acquiring an additional 265,176 shares during the quarter. State Street comprises 0.6% of Man Group plc’s investment portfolio, making the stock its 18th biggest holding. Man Group plc’s holdings in State Street were worth $211,466,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in STT. Albion Financial Group UT acquired a new stake in State Street in the fourth quarter valued at $25,000. Y.D. More Investments Ltd lifted its holdings in State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 197 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new stake in State Street in the fourth quarter valued at $42,000. Coppell Advisory Solutions LLC lifted its holdings in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after acquiring an additional 412 shares during the period. Finally, Loomis Sayles & Co. L P lifted its holdings in State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after acquiring an additional 311 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Ann Fogarty sold 3,705 shares of the business’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 transaction, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. The trade was a 6.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Elizabeth Schaefer sold 1,300 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,354 shares in the company, valued at approximately $667,154.88. The trade was a 15.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,820 shares of company stock valued at $1,567,972. Corporate insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on STT shares. Morgan Stanley dropped their price target on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research report on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 target price (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods lowered their price target on State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a report on Monday, April 21st. Truist Financial lowered their price target on State Street from $89.00 to $85.00 and set a “hold” rating for the company in a report on Monday, April 21st. Finally, Citigroup lowered their price target on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 24th. One 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $102.15.

State Street Stock Performance

NYSE STT opened at $97.81 on Wednesday. The firm has a market capitalization of $27.89 billion, a P/E ratio of 11.87, a P/E/G ratio of 1.11 and a beta of 1.42. State Street Co. has a 1-year low of $70.20 and a 1-year 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 business’s 50-day simple moving average is $86.58 and its 200-day simple moving average is $93.71.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates 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 in the previous year, the company posted $1.69 EPS. Equities analysts predict that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.11%. The ex-dividend date was Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 34.12%.

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.