Federated Hermes Inc. Purchases 12,594 Shares of State Street Co. (NYSE:STT)

Federated Hermes Inc. increased its stake in shares of State Street Co. (NYSE:STT - Free Report) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 270,342 shares of the asset manager's stock after purchasing an additional 12,594 shares during the period. Federated Hermes Inc. owned approximately 0.09% of State Street worth $20,941,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. CVA Family Office LLC acquired a new position in State Street in the fourth quarter valued at about $27,000. Venturi Wealth Management LLC grew its stake in State Street by 92.5% in the fourth quarter. Venturi Wealth Management LLC now owns 383 shares of the asset manager's stock valued at $30,000 after acquiring an additional 184 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in State Street in the fourth quarter valued at about $35,000. Bruce G. Allen Investments LLC acquired a new position in State Street in the fourth quarter valued at about $51,000. Finally, Life Planning Partners Inc acquired a new position in State Street in the fourth quarter valued at about $79,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Eric W. Aboaf sold 12,000 shares of State Street stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total transaction of $886,800.00. Following the completion of the sale, the chief financial officer now directly owns 149,063 shares of the company's stock, valued at approximately $11,015,755.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other State Street news, EVP Anthony Bisegna sold 4,258 shares of the firm's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $73.64, for a total transaction of $313,559.12. Following the transaction, the executive vice president now owns 23,328 shares in the company, valued at approximately $1,717,873.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Eric W. Aboaf sold 12,000 shares of the firm's stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $73.90, for a total value of $886,800.00. Following the transaction, the chief financial officer now owns 149,063 shares in the company, valued at approximately $11,015,755.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,864 shares of company stock valued at $1,390,597. Insiders own 0.31% of the company's stock.

State Street Stock Performance

Shares of STT traded up $1.14 during mid-day trading on Monday, reaching $74.51. The company's stock had a trading volume of 1,674,136 shares, compared to its average volume of 2,284,269. State Street Co. has a 1-year low of $62.78 and a 1-year high of $79.90. The stock has a market cap of $22.50 billion, a P/E ratio of 13.98, a PEG ratio of 1.30 and a beta of 1.52. The business has a 50-day simple moving average of $74.00 and a two-hundred day simple moving average of $72.53. The company has a current ratio of 0.61, a quick ratio of 0.55 and a debt-to-equity ratio of 0.90.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Friday, January 19th. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.21. The business had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $2.95 billion. State Street had a return on equity of 12.03% and a net margin of 9.62%. The firm's revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period last year, the firm posted $2.07 EPS. As a group, equities research analysts anticipate that State Street Co. will post 7.93 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, April 11th. Investors of record on Monday, April 1st were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $2.76 annualized dividend and a yield of 3.70%. State Street's payout ratio is currently 51.69%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods decreased their price objective on State Street from $89.00 to $86.00 and set a "market perform" rating for the company in a report on Monday, January 22nd. Royal Bank of Canada increased their price objective on State Street from $75.00 to $85.00 and gave the stock a "sector perform" rating in a report on Monday, January 22nd. Evercore ISI increased their price objective on State Street from $85.00 to $88.00 and gave the stock an "outperform" rating in a report on Thursday, April 4th. Morgan Stanley increased their price objective on State Street from $89.00 to $90.00 and gave the stock an "equal weight" rating in a report on Monday, April 15th. Finally, Argus increased their price objective on State Street from $84.00 to $86.00 and gave the stock a "buy" rating in a report on Monday, April 15th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $84.04.

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.