Verity & Verity LLC Has $24.69 Million Stake in State Street Co. (NYSE:STT)

Verity & Verity LLC grew its position in State Street Co. (NYSE:STT) by 4.9% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 251,581 shares of the asset manager’s stock after purchasing an additional 11,784 shares during the quarter. State Street comprises 2.3% of Verity & Verity LLC’s portfolio, making the stock its 11th biggest holding. Verity & Verity LLC’s holdings in State Street were worth $24,693,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Hotchkis & Wiley Capital Management LLC lifted its stake in State Street by 30.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. FMR LLC raised its holdings in shares of State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after buying an additional 833,679 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of State Street by 818.1% during the 3rd quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock worth $45,889,000 after buying an additional 462,201 shares during the last quarter. National Bank of Canada FI boosted its stake in State Street by 99.4% in the third quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock valued at $78,574,000 after buying an additional 442,725 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in 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. Institutional investors own 87.44% of the company’s stock.

State Street Trading Down 3.0 %

STT opened at $97.51 on Friday. The company has a fifty day moving average of $97.67 and a 200-day moving average of $89.35. State Street Co. has a twelve month low of $70.20 and a twelve month high of $101.91. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The stock has a market cap of $28.58 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 0.97 and a beta of 1.43.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3,267,560 billion. State Street had a return on equity of 12.02% and a net margin of 9.87%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same period in the previous year, the company posted $2.04 earnings per share. On average, sell-side analysts predict that State Street Co. will post 8.45 EPS for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.12%. The ex-dividend date was Thursday, January 2nd. State Street’s dividend payout ratio is presently 48.03%.

Insiders Place Their Bets

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

STT has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and raised their price target for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Barclays raised their target price on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Truist Financial started coverage on shares of State Street in a research note on Tuesday, January 7th. They set a “hold” rating and a $106.00 target price on the stock. Evercore ISI increased their price target on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $100.33.

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.