Geode Capital Management LLC Boosts Stock Position in State Street Co. (NYSE:STT)

Geode Capital Management LLC increased its stake in shares of State Street Co. (NYSE:STT) by 0.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,193,687 shares of the asset manager’s stock after buying an additional 24,617 shares during the quarter. Geode Capital Management LLC owned about 2.45% of State Street worth $704,238,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC purchased a new position in shares of State Street during the 4th quarter worth $272,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in State Street by 3.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 457,924 shares of the asset manager’s stock worth $44,725,000 after purchasing an additional 14,476 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in 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 grew its stake in shares of State Street by 11.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after buying an additional 7,446 shares during the period. Finally, Merit Financial Group LLC acquired a new stake in shares of State Street during the 4th quarter worth approximately $395,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Stock Performance

NYSE:STT opened at $89.67 on Thursday. The company has a market cap of $25.87 billion, a price-to-earnings ratio of 10.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a fifty day simple moving average of $94.85 and a two-hundred day simple moving average of $94.62.

State Street (NYSE:STT) last issued 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. The company 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%. State Street’s revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.04 EPS. As a group, equities analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.39%. State Street’s dividend payout ratio is currently 36.89%.

Analyst Ratings Changes

STT has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their price objective on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Truist Financial lowered their price target on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Bank of America boosted their price objective on shares of State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a report on Wednesday. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 price target (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $102.07.

Insiders Place Their Bets

In related news, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

State Street Company 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.