Evercore Wealth Management LLC reduced its position in shares of State Street Co. (NYSE:STT - Free Report) by 45.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,770 shares of the asset manager's stock after selling 4,000 shares during the quarter. Evercore Wealth Management LLC's holdings in State Street were worth $468,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Flagship Harbor Advisors LLC acquired a new stake in shares of State Street in the fourth quarter worth approximately $272,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of State Street by 3.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager's stock worth $44,725,000 after acquiring an additional 14,476 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager's stock worth $184,025,000 after acquiring an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager's stock worth $7,289,000 after acquiring an additional 7,446 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new stake in shares of State Street in the fourth quarter worth approximately $395,000. 87.44% of the stock is owned by hedge funds and other institutional investors.
State Street Stock Up 0.4 %
STT stock traded up $0.31 during mid-day trading on Tuesday, reaching $87.88. The company had a trading volume of 707,827 shares, compared to its average volume of 2,148,235. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The company has a market capitalization of $25.36 billion, a price-to-earnings ratio of 10.65, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The firm has a fifty day simple moving average of $87.57 and a 200 day simple moving average of $93.69.
State Street (NYSE:STT - Get Free Report) last issued its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. During the same quarter last year, the company earned $1.69 EPS. Analysts forecast that State Street Co. will post 9.68 earnings per share for the current fiscal year.
State Street Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were issued 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 3.46%. State Street's payout ratio is 34.12%.
Analyst Ratings Changes
STT has been the subject of several analyst reports. The Goldman Sachs Group set a $98.00 target price on State Street and gave the company a "buy" rating in a report on Thursday, April 17th. StockNews.com cut State Street from a "buy" rating to a "hold" rating in a report on Friday, March 7th. Wolfe Research upgraded State Street from an "underperform" rating to a "peer perform" rating in a report on Monday, January 27th. Truist Financial dropped their target price 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 dropped their target price 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 research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $102.15.
View Our Latest Stock Analysis on State Street
Insider Activity at State Street
In related news, Director Gregory L. Summe sold 10,815 shares of the company's stock in a transaction 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 completion of the sale, the director now owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 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 trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is owned by insiders.
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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