Sterling Capital Management LLC Raises Stock Holdings in State Street Co. (NYSE:STT)

Sterling Capital Management LLC grew its position in State Street Co. (NYSE:STT) by 32.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,079 shares of the asset manager’s stock after purchasing an additional 7,087 shares during the quarter. Sterling Capital Management LLC’s holdings in State Street were worth $2,854,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Albion Financial Group UT acquired a new stake in State Street during the 4th quarter worth about $25,000. Y.D. More Investments Ltd raised its position in State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after buying an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in State Street during the 4th quarter valued at approximately $42,000. Loomis Sayles & Co. L P lifted its stake in State Street by 187.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after acquiring an additional 311 shares during the period. Finally, Friedenthal Financial purchased a new stake in shares of State Street in the 4th quarter valued at $49,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the sale, 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

STT has been the subject of a number of research reports. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research report on Friday, December 20th. Evercore ISI decreased their price objective on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Truist Financial dropped their target price on State Street from $104.00 to $89.00 and set a “hold” rating on the stock in a report on Friday, April 4th. Bank of America lifted their price target on State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research report on Wednesday, April 2nd. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $103.00 price objective (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, State Street has an average rating of “Hold” and a consensus target price of $102.43.

State Street Stock Performance

NYSE:STT opened at $79.41 on Friday. The company has a fifty day moving average of $91.04 and a two-hundred day moving average of $93.99. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The stock has a market capitalization of $22.92 billion, a PE ratio of 9.64, a P/E/G ratio of 1.11 and a beta of 1.42. 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 released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the prior year, the firm earned $2.04 EPS. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. As a group, research analysts forecast that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date was Tuesday, April 1st. State Street’s dividend payout ratio is presently 36.89%.

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.