State Street Co. (NYSE:STT) Shares Acquired by Magnetar Financial LLC

Magnetar Financial LLC boosted its holdings in shares of State Street Co. (NYSE:STT) by 77.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,167 shares of the asset manager’s stock after purchasing an additional 1,813 shares during the period. Magnetar Financial LLC’s holdings in State Street were worth $409,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Albion Financial Group UT acquired a new stake in State Street during the fourth quarter valued at approximately $25,000. Y.D. More Investments Ltd boosted its stake in State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after purchasing an additional 197 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new position in State Street in the 4th quarter worth approximately $42,000. Friedenthal Financial acquired a new position in State Street in the 4th quarter worth approximately $49,000. Finally, Hager Investment Management Services LLC acquired a new position in State Street in the 4th quarter worth approximately $56,000. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Performance

NYSE:STT opened at $90.63 on Friday. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The firm’s fifty day simple moving average is $95.93 and its 200 day simple moving average is $94.22. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $26.14 billion, a PE ratio of 11.00, a PEG ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last posted 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 net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same period last year, the business posted $2.04 EPS. State Street’s revenue was up 12.1% compared to the same quarter last year. On average, sell-side analysts anticipate that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.35%. State Street’s dividend payout ratio is 36.89%.

Insiders Place Their Bets

In other news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The shares were 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction 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.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Barclays raised their price objective on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Morgan Stanley decreased their price objective on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Wells Fargo & Company raised their price objective on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, January 2nd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $103.00 price objective (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Finally, Truist Financial cut their target price 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $101.20.

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.