Entropy Technologies LP Purchases New Stake in State Street Co. (NYSE:STT)

Entropy Technologies LP acquired a new position in shares of State Street Co. (NYSE:STT) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 18,611 shares of the asset manager’s stock, valued at approximately $1,827,000.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Park Avenue Securities LLC grew its position in shares of State Street by 5.7% during the 3rd quarter. Park Avenue Securities LLC now owns 4,971 shares of the asset manager’s stock valued at $440,000 after buying an additional 267 shares during the last quarter. Atomi Financial Group Inc. acquired a new position in State Street in the third quarter valued at approximately $271,000. Brookstone Capital Management grew its holdings in shares of State Street by 5.1% during the third quarter. Brookstone Capital Management now owns 6,484 shares of the asset manager’s stock valued at $574,000 after purchasing an additional 317 shares during the last quarter. CWM LLC raised its position in shares of State Street by 12.3% during the 3rd quarter. CWM LLC now owns 11,371 shares of the asset manager’s stock worth $1,006,000 after purchasing an additional 1,248 shares during the period. Finally, Clarius Group LLC acquired a new stake in shares of State Street during the 3rd quarter worth approximately $218,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 0.2 %

Shares of NYSE:STT opened at $99.44 on Monday. The stock has a market capitalization of $29.15 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 1.12 and a beta of 1.43. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00. The company has a 50 day moving average price of $98.53 and a 200 day moving average price of $91.76. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same period in the previous year, the firm posted $2.04 EPS. The company’s quarterly revenue was up 12.1% on a year-over-year basis. On average, research analysts anticipate that State Street Co. will post 9.6 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Thursday, January 2nd. State Street’s dividend payout ratio is presently 36.89%.

Insiders Place Their Bets

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction that occurred on 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 owns 111,042 shares in the company, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on STT shares. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target for the company in a research report on Friday, December 20th. Morgan Stanley cut their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. Wells Fargo & Company upped their target price on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research report on Thursday, January 2nd. Finally, Truist Financial cut 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 research analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $100.73.

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.