State Street Co. (NYSE:STT) Shares Sold by Choate Investment Advisors

Choate Investment Advisors cut its holdings in State Street Co. (NYSE:STT) by 35.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 5,339 shares of the asset manager’s stock after selling 2,978 shares during the period. Choate Investment Advisors’ holdings in State Street were worth $524,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Natixis Advisors LLC grew its holdings in shares of State Street by 1.2% during the fourth quarter. Natixis Advisors LLC now owns 241,717 shares of the asset manager’s stock valued at $23,724,000 after purchasing an additional 2,765 shares during the last quarter. Frank Rimerman Advisors LLC boosted its position in State Street by 9.9% during the 4th quarter. Frank Rimerman Advisors LLC now owns 2,676 shares of the asset manager’s stock valued at $263,000 after purchasing an additional 240 shares during the period. Catalyst Funds Management Pty Ltd grew its stake in State Street by 27.8% during the 4th quarter. Catalyst Funds Management Pty Ltd now owns 4,600 shares of the asset manager’s stock worth $451,000 after buying an additional 1,000 shares during the last quarter. LBP AM SA increased its position in State Street by 2.0% in the fourth quarter. LBP AM SA now owns 73,442 shares of the asset manager’s stock worth $7,208,000 after buying an additional 1,458 shares during the period. Finally, Commonwealth Equity Services LLC increased its position in State Street by 2.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 107,416 shares of the asset manager’s stock worth $10,543,000 after buying an additional 2,213 shares during the period. Institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

STT has been the subject of several recent research reports. Truist Financial lowered their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. Morgan Stanley dropped their price target on shares of State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Barclays boosted their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company raised their target price on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Finally, Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus price target of $101.20.

Insider Activity at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

State Street Stock Performance

Shares of STT opened at $86.90 on Monday. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The stock has a market capitalization of $25.07 billion, a P/E ratio of 10.55, a P/E/G ratio of 1.11 and a beta of 1.44. The firm’s 50 day moving average is $96.69 and its 200-day moving average is $94.17. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56.

State Street (NYSE:STT) last posted 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 company had revenue of $3.41 billion for 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 was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.04 earnings per share. Equities research analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal 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 given a $0.76 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.50%. State Street’s dividend payout ratio (DPR) is 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.