Fifth Third Bancorp Acquires 676 Shares of State Street Co. (NYSE:STT)

Fifth Third Bancorp boosted its holdings in shares of State Street Co. (NYSE:STT) by 0.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,321 shares of the asset manager’s stock after acquiring an additional 676 shares during the quarter. Fifth Third Bancorp’s holdings in State Street were worth $7,098,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in STT. Geode Capital Management LLC lifted its stake in shares of State Street by 0.6% in the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after acquiring an additional 41,442 shares during the period. FMR LLC lifted its position in shares of State Street by 15.8% in the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after purchasing an additional 833,679 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its stake 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 valued at $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. Metropolis Capital Ltd increased its position in shares of State Street by 3.9% during the third quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock worth $379,209,000 after buying an additional 161,466 shares during the period. Finally, Franklin Resources Inc. raised its stake in State Street by 13.8% during the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after buying an additional 408,792 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on STT. Wells Fargo & Company upped their price target on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research note on Friday, December 20th. Truist Financial reduced their price objective on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. Finally, Morgan Stanley dropped their target price 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. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $100.73.

Insider Buying and Selling

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.31% of the stock is owned by corporate insiders.

State Street Stock Performance

Shares of STT opened at $99.09 on Monday. The firm has a market capitalization of $29.05 billion, a P/E ratio of 12.03, a P/E/G ratio of 1.11 and a beta of 1.43. State Street Co. has a 52 week low of $70.20 and a 52 week high of $101.91. The stock has a 50 day moving average price of $98.00 and a two-hundred day moving average price of $90.47. 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 announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $3,267,560 billion. During the same quarter in the prior year, the company posted $2.04 earnings per share. State Street’s revenue was up 12.1% compared to the same quarter last year. Equities analysts forecast that State Street Co. will post 9.43 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Thursday, January 2nd. State Street’s payout ratio is currently 36.89%.

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.