68,228 Shares in State Street Co. (NYSE:STT) Bought by GQG Partners LLC

GQG Partners LLC purchased a new stake in State Street Co. (NYSE:STT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 68,228 shares of the asset manager’s stock, valued at approximately $6,697,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Flagship Harbor Advisors LLC bought a new stake in State Street in the fourth quarter valued at approximately $272,000. Charles Schwab Investment Management Inc. boosted its stake in shares of State Street by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock valued at $184,025,000 after purchasing an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of State Street by 11.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after buying an additional 7,446 shares during the period. Merit Financial Group LLC bought a new position in State Street during the fourth quarter worth $395,000. Finally, Raymond James Financial Inc. acquired a new position in State Street in the fourth quarter valued at $44,070,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on STT shares. Truist Financial lowered their price objective on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. Barclays lifted their target price on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Citigroup cut their price target on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Finally, Wells Fargo & Company increased their target price on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $101.87.

State Street Price Performance

STT opened at $92.87 on Tuesday. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. 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 company has a market capitalization of $26.79 billion, a price-to-earnings ratio of 11.27, a P/E/G ratio of 1.11 and a beta of 1.44. The firm’s fifty day moving average price is $95.90 and its two-hundred day moving average price is $94.33.

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 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 company earned $2.04 earnings per share. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued 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 yield of 3.27%. State Street’s dividend payout ratio (DPR) is currently 36.89%.

Insiders Place Their Bets

In other State Street news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction that occurred on 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 transaction, the director now directly owns 100,023 shares of the company’s stock, valued at $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 own 0.31% of the company’s stock.

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.