Voloridge Investment Management LLC Lowers Position in State Street Co. (NYSE:STT)

Voloridge Investment Management LLC cut its holdings in State Street Co. (NYSE:STT - Free Report) by 90.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,725 shares of the asset manager's stock after selling 266,618 shares during the quarter. Voloridge Investment Management LLC's holdings in State Street were worth $2,623,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Waverly Advisors LLC boosted its stake in State Street by 14.8% during the fourth quarter. Waverly Advisors LLC now owns 3,227 shares of the asset manager's stock worth $317,000 after buying an additional 415 shares during the period. Woodline Partners LP purchased a new position in State Street during the fourth quarter worth $1,728,000. iSAM Funds UK Ltd boosted its stake in State Street by 237.0% during the fourth quarter. iSAM Funds UK Ltd now owns 10,318 shares of the asset manager's stock worth $1,013,000 after buying an additional 7,256 shares during the period. Vident Advisory LLC boosted its stake in State Street by 7.3% during the fourth quarter. Vident Advisory LLC now owns 5,577 shares of the asset manager's stock worth $547,000 after buying an additional 378 shares during the period. Finally, Virtus Investment Advisers Inc. boosted its stake in State Street by 30.0% during the fourth quarter. Virtus Investment Advisers Inc. now owns 2,600 shares of the asset manager's stock worth $255,000 after buying an additional 600 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have commented on the stock. Truist Financial raised shares of State Street from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $85.00 to $112.00 in a research note on Wednesday. Bank of America lifted their target price on State Street from $98.00 to $99.00 and gave the stock an "underperform" rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods decreased their target price on State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. Wall Street Zen downgraded State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. Finally, Morgan Stanley decreased their target price 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street presently has a consensus rating of "Hold" and a consensus target price of $104.23.

Insiders Place Their Bets

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the sale, the chief accounting officer now owns 7,354 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. 0.29% of the stock is currently owned by corporate insiders.

State Street Stock Down 0.8%

Shares of STT stock traded down $0.82 on Friday, hitting $96.22. The stock had a trading volume of 2,683,856 shares, compared to its average volume of 2,134,549. The company has a market cap of $27.44 billion, a PE ratio of 11.68, a P/E/G ratio of 1.11 and a beta of 1.42. 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 business has a 50 day moving average price of $88.78 and a 200 day moving average price of $93.98. State Street Co. has a one year low of $70.20 and a one year high of $103.00.

State Street (NYSE:STT - Get Free Report) last announced its earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, topping analysts' consensus estimates of $1.98 by $0.06. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same period in the previous year, the company posted $1.69 earnings per share. Research analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.16%. State Street's dividend payout ratio 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.