Paradigm Asset Management Co. LLC Purchases Shares of 10,600 State Street Co. (NYSE:STT)

Paradigm Asset Management Co. LLC bought a new stake in State Street Co. (NYSE:STT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 10,600 shares of the asset manager’s stock, valued at approximately $1,040,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Geode Capital Management LLC increased its position 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 valued at $632,111,000 after acquiring an additional 41,442 shares during the last quarter. FMR LLC increased its position in shares of State Street by 15.8% in the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after acquiring an additional 833,679 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in shares of State Street by 30.4% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock valued at $514,136,000 after acquiring an additional 1,354,560 shares during the last quarter. Franklin Resources Inc. increased its position in shares of State Street by 13.8% in the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after acquiring an additional 408,792 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of State Street by 1.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,421,569 shares of the asset manager’s stock valued at $214,236,000 after acquiring an additional 23,252 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Activity at State Street

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the business’s 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 completion of the transaction, the director now directly owns 100,023 shares in the company, valued at $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 Securities & Exchange Commission, which is available at this link. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction that occurred on 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 owns 50,816 shares of the company’s stock, 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. Over the last ninety days, insiders sold 27,020 shares of company stock worth $2,674,661. Company insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Morgan Stanley lowered their target price on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. Barclays lifted their price target on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Truist Financial reduced 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. Finally, Wells Fargo & Company lifted their price target on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $100.73.

State Street Trading Down 0.2 %

Shares of NYSE:STT opened at $99.63 on Friday. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The stock has a market cap of $28.74 billion, a PE ratio of 12.09, a P/E/G ratio of 1.11 and a beta of 1.43. The business has a 50 day moving average of $98.58 and a 200-day moving average of $92.64. 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 (NYSE:STT) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.04 earnings per share. As a group, equities research analysts forecast that State Street Co. will post 9.65 earnings per share for the current year.

State Street Announces Dividend

The business 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. This represents a $3.04 annualized dividend and a dividend yield of 3.05%. State Street’s dividend payout ratio (DPR) is currently 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.