Graypoint LLC Makes New Investment in State Street Co. (NYSE:STT)

Graypoint LLC acquired a new position in State Street Co. (NYSE:STT) in the 4th quarter, Holdings Channel reports. The firm acquired 2,066 shares of the asset manager’s stock, valued at approximately $203,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Ashton Thomas Private Wealth LLC purchased a new stake in State Street in the second quarter worth about $27,000. Coastline Trust Co purchased a new stake in State Street in the third quarter worth about $44,000. Capital Performance Advisors LLP purchased a new stake in State Street in the third quarter worth about $54,000. Versant Capital Management Inc lifted its holdings in shares of State Street by 37.0% during the fourth quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock valued at $72,000 after purchasing an additional 197 shares during the last quarter. Finally, Tobam purchased a new position in shares of State Street during the third quarter valued at approximately $77,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Down 3.8 %

Shares of STT stock opened at $94.04 on Monday. State Street Co. has a 1 year low of $70.20 and a 1 year high of $101.91. The firm has a fifty day moving average price of $97.41 and a 200-day moving average price of $88.90. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The company has a market cap of $27.57 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 1.24 and a beta of 1.43.

State Street (NYSE:STT) last released its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating 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 company had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $3.19 billion. During the same quarter in the previous year, the company earned $1.93 EPS. State Street’s revenue for the quarter was up 21.1% on a year-over-year basis. As a group, equities analysts predict that State Street Co. will post 8.42 earnings per share for the current year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s payout ratio is currently 48.03%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on STT shares. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a report on Friday, December 20th. The Goldman Sachs Group lifted their target price on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Morgan Stanley lowered their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. Truist Financial started coverage on shares of State Street in a report on Tuesday, January 7th. They set a “hold” rating and a $106.00 target price for the company. Finally, Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $100.33.

Insiders Place Their Bets

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction on Friday, October 18th. The stock was 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 in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,460 shares of company stock worth $2,499,860 in the last 90 days. 0.31% of the stock is currently owned by corporate 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.