Cooke & Bieler LP lessened its position in shares of State Street Corporation (NYSE:STT - Free Report) by 18.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,298,376 shares of the asset manager's stock after selling 520,042 shares during the quarter. State Street comprises 2.1% of Cooke & Bieler LP's portfolio, making the stock its 10th biggest holding. Cooke & Bieler LP owned approximately 0.80% of State Street worth $205,774,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in STT. Norges Bank purchased a new position in shares of State Street in the 4th quarter worth approximately $161,021,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of State Street by 236.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock worth $226,642,000 after purchasing an additional 1,622,408 shares during the period. FMR LLC lifted its stake in shares of State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock worth $685,441,000 after acquiring an additional 870,849 shares during the last quarter. Azora Capital LP bought a new stake in shares of State Street during the 4th quarter worth approximately $80,294,000. Finally, Northern Trust Corp lifted its stake in shares of State Street by 15.7% during the 4th quarter. Northern Trust Corp now owns 4,148,410 shares of the asset manager's stock worth $407,166,000 after acquiring an additional 563,790 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company's stock.
Insider Transactions at State Street
In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the completion of the sale, the chief accounting officer owned 7,354 shares of the company's stock, valued at $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.29% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of brokerages have weighed in on STT. The Goldman Sachs Group lifted their target price on State Street from $98.00 to $111.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Morgan Stanley boosted their price target on State Street from $110.00 to $114.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 1st. Barclays reduced their price target on State Street from $127.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Truist Financial reduced their target price on State Street from $122.00 to $116.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, Citigroup upped their target price on State Street from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, State Street currently has an average rating of "Hold" and a consensus price target of $110.25.
Check Out Our Latest Research Report on STT
State Street Price Performance
Shares of NYSE STT traded up $2.43 during midday trading on Thursday, hitting $107.46. The stock had a trading volume of 2,927,380 shares, compared to its average volume of 2,110,516. The company has a market capitalization of $30.64 billion, a PE ratio of 12.03, a P/E/G ratio of 1.21 and a beta of 1.45. The stock has a 50 day simple moving average of $100.75 and a 200-day simple moving average of $95.11. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $110.97. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.
State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%. The firm had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. During the same quarter last year, the firm earned $2.15 earnings per share. The business's revenue for the quarter was up 2.9% on a year-over-year basis. On average, sell-side analysts expect that State Street Corporation will post 9.68 EPS for the current fiscal year.
State Street Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 annualized dividend and a yield of 3.13%. State Street's dividend payout ratio (DPR) is 34.04%.
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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