Donoghue Forlines LLC Acquires New Shares in State Street Co. (NYSE:STT)

Donoghue Forlines LLC bought a new position in State Street Co. (NYSE:STT) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 15,585 shares of the asset manager’s stock, valued at approximately $1,530,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in shares of State Street by 0.6% in the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after buying an additional 41,442 shares in the last quarter. FMR LLC increased its holdings in State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after acquiring an additional 833,679 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its holdings in State Street by 30.4% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after purchasing an additional 1,354,560 shares during the period. Metropolis Capital Ltd grew its position in shares of State Street by 3.9% during the 3rd quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock valued at $379,209,000 after purchasing an additional 161,466 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in shares of State Street by 13.8% in the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after purchasing an additional 408,792 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the sale, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.31% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on STT. Truist Financial dropped their price objective on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, January 17th. Morgan Stanley cut their price target on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research note on Friday, January 3rd. Finally, The Goldman Sachs Group raised their price objective on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $100.73.

State Street Stock Performance

Shares of STT stock opened at $96.92 on Thursday. The company has a market capitalization of $28.41 billion, a P/E ratio of 11.78, a PEG ratio of 1.07 and a beta of 1.43. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $101.91. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a 50 day moving average price of $97.86 and a two-hundred day moving average price of $90.13.

State Street (NYSE:STT) last posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3,267,560 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the business posted $2.04 EPS. Analysts expect that State Street Co. will post 9.57 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were paid a $0.76 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $3.04 annualized dividend and a dividend yield of 3.14%. State Street’s payout ratio is presently 36.89%.

State Street Company 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.