Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its holdings in shares of State Street Co. (NYSE:STT) by 0.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 111,863 shares of the asset manager’s stock after selling 571 shares during the quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in State Street were worth $8,141,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STT. Smith Asset Management Group LP grew its holdings in State Street by 74.2% in the third quarter. Smith Asset Management Group LP now owns 446 shares of the asset manager’s stock valued at $26,000 after purchasing an additional 190 shares during the period. CWM LLC raised its position in State Street by 131.5% in the third quarter. CWM LLC now owns 537 shares of the asset manager’s stock valued at $32,000 after purchasing an additional 305 shares during the period. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in State Street in the third quarter valued at $37,000. Planned Solutions Inc. purchased a new stake in State Street in the third quarter valued at $53,000. Finally, Ninety One SA PTY Ltd raised its position in State Street by 17.5% in the third quarter. Ninety One SA PTY Ltd now owns 1,102 shares of the asset manager’s stock valued at $65,000 after purchasing an additional 164 shares during the period. 90.33% of the stock is currently owned by institutional investors and hedge funds.
Shares of State Street stock traded up $0.82 during trading hours on Thursday, reaching $79.48. 31,001 shares of the company’s stock were exchanged, compared to its average volume of 2,107,641. State Street Co. has a 52-week low of $42.10 and a 52-week high of $85.89. The firm has a market capitalization of $28.04 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 2.04 and a beta of 1.54. The company has a fifty day moving average of $73.36 and a 200-day moving average of $66.94. The company has a current ratio of 0.50, a quick ratio of 0.54 and a debt-to-equity ratio of 0.60.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 19th. Investors of record on Monday, January 4th will be given a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Thursday, December 31st. State Street’s dividend payout ratio (DPR) is currently 33.71%.
In related news, CEO Francisco Aristeguieta sold 62,183 shares of the stock in a transaction on Monday, October 19th. The stock was sold at an average price of $66.13, for a total value of $4,112,161.79. Following the transaction, the chief executive officer now directly owns 110,582 shares of the company’s stock, valued at approximately $7,312,787.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.28% of the company’s stock.
A number of equities research analysts have recently weighed in on the company. The Goldman Sachs Group cut State Street from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $77.00 to $75.00 in a research note on Tuesday, January 5th. Piper Sandler upped their price objective on State Street from $69.00 to $81.00 and gave the stock a “neutral” rating in a research report on Monday. Deutsche Bank Aktiengesellschaft raised State Street from a “hold” rating to a “buy” rating and boosted their target price for the company from $67.00 to $80.00 in a report on Wednesday, November 11th. Credit Suisse Group boosted their target price on State Street from $68.00 to $78.00 and gave the company a “neutral” rating in a report on Friday, December 11th. Finally, Barclays upped their price objective on State Street from $85.00 to $99.00 and gave the company an “overweight” rating in a research note on Monday, January 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. State Street presently has a consensus rating of “Hold” and a consensus target price of $79.31.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
See Also: SEC Filing
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