RWA Wealth Partners LLC Purchases Shares of 3,350 State Street Co. (NYSE:STT)

RWA Wealth Partners LLC acquired a new stake in shares of State Street Co. (NYSE:STT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,350 shares of the asset manager’s stock, valued at approximately $329,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in STT. Norges Bank bought a new stake in State Street during the fourth quarter worth approximately $161,021,000. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of 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 worth $514,136,000 after acquiring an additional 1,354,560 shares during the last quarter. Amundi raised its position in shares of State Street by 11.1% during the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock worth $547,636,000 after purchasing an additional 561,773 shares during the period. Wellington Management Group LLP lifted its holdings in shares of State Street by 818.1% during the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock valued at $45,889,000 after purchasing an additional 462,201 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of State Street during the fourth quarter valued at $44,070,000. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Down 0.8 %

Shares of State Street stock opened at $88.82 on Wednesday. The stock has a 50-day simple moving average of $94.99 and a 200-day simple moving average of $94.65. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00. The firm has a market cap of $25.62 billion, a price-to-earnings ratio of 10.78, a P/E/G ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last posted its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.04 earnings per share. On average, equities research analysts expect that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.42%. State Street’s dividend payout ratio (DPR) is currently 36.89%.

Insiders Place Their Bets

In related news, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays boosted their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Morgan Stanley reduced their price target on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $103.00 target price (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Finally, Truist Financial lowered their price target on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $102.33.

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.