Vest Financial LLC Makes New Investment in State Street Co. (NYSE:STT)

Vest Financial LLC bought a new stake in State Street Co. (NYSE:STT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 97,342 shares of the asset manager's stock, valued at approximately $8,715,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of State Street in the fourth quarter valued at about $161,021,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of State Street by 236.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager's stock valued at $226,642,000 after purchasing an additional 1,622,408 shares in the last quarter. FMR LLC lifted its holdings in shares of State Street by 14.2% in the fourth quarter. FMR LLC now owns 6,983,607 shares of the asset manager's stock valued at $685,441,000 after purchasing an additional 870,849 shares in the last quarter. Azora Capital LP bought a new stake in shares of State Street in the fourth quarter valued at about $80,294,000. Finally, Northern Trust Corp raised its holdings in State Street by 15.7% during the fourth 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 in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently issued reports on STT. Evercore ISI dropped their target price on State Street from $109.00 to $106.00 and set an "outperform" rating on the stock in a report on Tuesday, April 1st. Citigroup dropped their target price on State Street from $105.00 to $100.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Barclays dropped their target price on State Street from $127.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Wall Street Zen lowered State Street from a "buy" rating to a "hold" rating in a research note on Friday, March 7th. Finally, Truist Financial upgraded State Street from a "hold" rating to a "buy" rating and upped their price objective for the company from $85.00 to $112.00 in a research note on Wednesday, May 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $102.54.

Insider Buying and Selling

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now owns 7,354 shares of the company's stock, valued at $667,154.88. This represents a 15.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.29% of the stock is currently owned by company insiders.

State Street Stock Performance

Shares of State Street stock traded up $2.15 on Friday, hitting $98.63. The stock had a trading volume of 880,575 shares, compared to its average volume of 2,121,130. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00. The business's 50 day moving average is $89.43 and its two-hundred day moving average is $94.04. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock has a market cap of $28.13 billion, a price-to-earnings ratio of 11.97, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT - Get Free Report) last posted its earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating 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 company had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter in the prior year, the business earned $1.69 earnings per share. Analysts forecast that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street's dividend payout ratio is currently 34.12%.

State Street Profile

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.