State Street Co. (NYSE:STT) Shares Bought by Man Group plc

Man Group plc boosted its holdings in shares of State Street Co. (NYSE:STT) by 14.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,154,515 shares of the asset manager’s stock after buying an additional 265,176 shares during the period. State Street makes up 0.6% of Man Group plc’s holdings, making the stock its 18th largest position. Man Group plc owned approximately 0.73% of State Street worth $211,466,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its holdings in shares of State Street by 1.2% in the third quarter. Principal Financial Group Inc. now owns 346,252 shares of the asset manager’s stock valued at $30,633,000 after purchasing an additional 4,052 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in shares of State Street by 1.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,321 shares of the asset manager’s stock valued at $2,878,000 after purchasing an additional 535 shares during the period. Czech National Bank grew its holdings in State Street by 4.5% during the fourth quarter. Czech National Bank now owns 63,561 shares of the asset manager’s stock worth $6,239,000 after acquiring an additional 2,729 shares during the period. Brookstone Capital Management grew its holdings in State Street by 11.0% during the fourth quarter. Brookstone Capital Management now owns 7,196 shares of the asset manager’s stock worth $706,000 after acquiring an additional 712 shares during the period. Finally, Wedmont Private Capital grew its holdings in State Street by 3.7% during the fourth quarter. Wedmont Private Capital now owns 6,152 shares of the asset manager’s stock worth $578,000 after acquiring an additional 218 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

STT has been the topic of several analyst reports. The Goldman Sachs Group set a $98.00 target price on State Street and gave the stock a “buy” rating in a report on Thursday, April 17th. Bank of America raised their target price on State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a report on Wednesday, April 2nd. 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. 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. Finally, Truist Financial dropped their target price on State Street from $89.00 to $85.00 and set a “hold” rating on the stock in a report on Monday, April 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $102.15.

State Street Stock Performance

NYSE STT opened at $97.81 on Wednesday. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00. The company has a market cap of $27.89 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The stock’s 50 day simple moving average is $86.58 and its 200-day simple moving average is $93.71.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.30 billion. During the same quarter in the previous year, the company posted $1.69 EPS. As a group, equities research analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st were given a $0.76 dividend. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.11%. State Street’s dividend payout ratio is currently 34.12%.

Insider Buying and Selling at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the business’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 7,354 shares of the company’s stock, valued at $667,154.88. The trade was a 15.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This represents a 9.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,820 shares of company stock worth $1,567,972 over the last quarter. 0.29% of the stock is currently owned by company insiders.

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.