Fmr LLC Buys 870,849 Shares of State Street Co. (NYSE:STT)

Fmr LLC lifted its stake in State Street Co. (NYSE:STT) by 14.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,983,607 shares of the asset manager’s stock after acquiring an additional 870,849 shares during the period. Fmr LLC owned 2.38% of State Street worth $685,441,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in STT. Geode Capital Management LLC raised its holdings in State Street by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock worth $704,238,000 after purchasing an additional 24,617 shares in the last quarter. Amundi grew its position in shares of State Street by 11.1% in the 4th quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock worth $547,636,000 after buying an additional 561,773 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of State Street by 1.7% during the 4th quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager’s stock worth $335,884,000 after acquiring an additional 55,598 shares in the last quarter. Nordea Investment Management AB lifted its position in State Street by 21.2% during the fourth quarter. Nordea Investment Management AB now owns 2,180,504 shares of the asset manager’s stock valued at $214,998,000 after acquiring an additional 381,260 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in State Street by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after acquiring an additional 10,404 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Down 1.7 %

NYSE STT opened at $75.01 on Wednesday. The company has a fifty day moving average of $92.58 and a 200 day moving average of $94.25. The company has a market capitalization of $21.65 billion, a PE ratio of 9.10, 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 current ratio of 0.56 and a quick ratio of 0.56. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00.

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

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be paid a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.05%. State Street’s payout ratio is 36.89%.

Insider Activity

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

Analyst Ratings Changes

Several analysts have recently commented on the company. Barclays increased their price objective on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a report on Monday, January 6th. Morgan Stanley decreased their price target on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. Truist Financial dropped their price target on State Street from $104.00 to $89.00 and set a “hold” rating on the stock in a research note on Friday, April 4th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $103.00 price objective (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research report on Friday, December 20th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, State Street presently has a consensus rating of “Hold” and a consensus price target of $101.07.

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.