AXQ Capital LP Decreases Stock Position in State Street Co. (NYSE:STT)

AXQ Capital LP trimmed its position in shares of State Street Co. (NYSE:STT) by 41.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 2,307 shares of the asset manager’s stock after selling 1,640 shares during the quarter. AXQ Capital LP’s holdings in State Street were worth $226,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in STT. Albion Financial Group UT purchased a new position in State Street during the 4th quarter valued at $25,000. Y.D. More Investments Ltd lifted its position in shares of State Street by 116.6% during the fourth 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 last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of State Street during the fourth quarter valued at $42,000. Friedenthal Financial bought a new position in shares of State Street in the fourth quarter worth about $49,000. Finally, Hager Investment Management Services LLC purchased a new position in State Street in the 4th quarter worth about $56,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 2.6 %

State Street stock opened at $92.87 on Tuesday. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The stock has a market cap of $26.79 billion, a PE ratio of 11.27, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a 50-day moving average of $95.90 and a two-hundred day moving average of $94.33.

State Street (NYSE:STT) last released its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping 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 company had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. During the same period last year, the business earned $2.04 EPS. State Street’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, research analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently announced 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. This represents a $3.04 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s payout ratio is 36.89%.

Insider Buying and Selling

In other news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 50,816 shares in the company, 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 document filed with the SEC, which is available through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction that occurred on 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 completion of the sale, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This 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 company insiders.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of research analyst reports. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and raised their price target for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Wells Fargo & Company upped 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. Truist Financial cut their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Finally, Barclays upped their price target on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $101.87.

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.