Sandy Spring Bank Sells 1,760 Shares of State Street Co. (NYSE:STT)

Sandy Spring Bank decreased its holdings in shares of State Street Co. (NYSE:STT) by 52.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,580 shares of the asset manager’s stock after selling 1,760 shares during the quarter. Sandy Spring Bank’s holdings in State Street were worth $155,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Royal London Asset Management Ltd. lifted its holdings in State Street by 0.9% during the 4th quarter. Royal London Asset Management Ltd. now owns 125,596 shares of the asset manager’s stock valued at $12,327,000 after purchasing an additional 1,106 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its holdings in State Street by 512.9% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 11,695 shares of the asset manager’s stock valued at $1,148,000 after purchasing an additional 9,787 shares during the last quarter. Vinva Investment Management Ltd lifted its holdings in State Street by 98.2% during the 4th quarter. Vinva Investment Management Ltd now owns 229,990 shares of the asset manager’s stock valued at $22,603,000 after purchasing an additional 113,955 shares during the last quarter. Generali Asset Management SPA SGR acquired a new stake in State Street during the 4th quarter valued at $99,000. Finally, Advisors Asset Management Inc. lifted its holdings in State Street by 27.7% during the 4th quarter. Advisors Asset Management Inc. now owns 31,532 shares of the asset manager’s stock valued at $3,095,000 after purchasing an additional 6,836 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on STT shares. Truist Financial cut their price target on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Finally, Wells Fargo & Company lifted their target price on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $101.20.

State Street Stock Up 0.1 %

STT stock opened at $90.63 on Friday. The company has a market cap of $26.14 billion, a PE ratio of 11.00, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The business has a 50-day simple moving average of $95.93 and a 200 day simple moving average of $94.16. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last released its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter in the previous year, the business posted $2.04 earnings per share. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. Sell-side analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is presently 36.89%.

Insider Buying and Selling at State Street

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

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.