Diversified Trust Co Lowers Position in State Street Co. (NYSE:STT)

Diversified Trust Co decreased its holdings in shares of State Street Co. (NYSE:STT) by 17.0% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 22,193 shares of the asset manager’s stock after selling 4,537 shares during the period. Diversified Trust Co’s holdings in State Street were worth $2,178,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. TD Asset Management Inc boosted its position in State Street by 2.3% during the 2nd quarter. TD Asset Management Inc now owns 123,488 shares of the asset manager’s stock valued at $9,138,000 after acquiring an additional 2,731 shares in the last quarter. Candriam S.C.A. raised its holdings in State Street by 21.9% in the second quarter. Candriam S.C.A. now owns 48,686 shares of the asset manager’s stock worth $3,603,000 after purchasing an additional 8,761 shares in the last quarter. Savant Capital LLC lifted its position in shares of State Street by 125.0% during the second quarter. Savant Capital LLC now owns 27,527 shares of the asset manager’s stock valued at $2,037,000 after buying an additional 15,293 shares during the last quarter. Caprock Group LLC boosted its holdings in shares of State Street by 292.7% in the 2nd quarter. Caprock Group LLC now owns 17,956 shares of the asset manager’s stock valued at $1,329,000 after buying an additional 13,383 shares in the last quarter. Finally, Oak Thistle LLC purchased a new position in shares of State Street in the 2nd quarter worth approximately $393,000. Institutional investors own 87.44% of the company’s stock.

State Street Stock Performance

STT opened at $97.74 on Wednesday. The firm has a fifty day moving average price of $97.19 and a 200 day moving average price of $88.40. State Street Co. has a 1 year low of $70.20 and a 1 year high of $101.91. The stock has a market cap of $28.65 billion, a P/E ratio of 15.44, a P/E/G ratio of 1.24 and a beta of 1.43. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. During the same quarter in the prior year, the firm posted $1.93 earnings per share. The company’s revenue was up 21.1% compared to the same quarter last year. Equities research analysts anticipate that State Street Co. will post 8.42 earnings per share for the current year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.11%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s payout ratio is currently 48.03%.

Insider Activity

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $91.32, for a total transaction of $1,265,603.88. Following the completion of the sale, the executive vice president now owns 55,108 shares of the company’s stock, valued at $5,032,462.56. The trade was a 20.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the transaction, the executive vice president now directly owns 111,042 shares in the company, valued at $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,460 shares of company stock worth $2,499,860 over the last three months. 0.31% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of research analyst reports. Morgan Stanley decreased their price target on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research note on Friday, January 3rd. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Evercore ISI upped their price target on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Truist Financial initiated coverage on shares of State Street in a research note on Tuesday. They set a “hold” rating and a $106.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft upped their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, State Street has a consensus rating of “Hold” and an average target price of $100.33.

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.