Brown Brothers Harriman & Co. Trims Holdings in State Street Co. (NYSE:STT)

Brown Brothers Harriman & Co. lowered its stake in shares of State Street Co. (NYSE:STT) by 7.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 228,228 shares of the asset manager’s stock after selling 19,561 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in State Street were worth $22,401,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Flagship Harbor Advisors LLC acquired a new position in State Street during the 4th quarter worth $272,000. Charles Schwab Investment Management Inc. lifted its holdings in State Street by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock worth $184,025,000 after buying an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of State Street by 11.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after acquiring an additional 7,446 shares in the last quarter. Merit Financial Group LLC bought a new stake in shares of State Street in the 4th quarter valued at approximately $395,000. Finally, Raymond James Financial Inc. bought a new position in State Street during the fourth quarter worth $44,070,000. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction that occurred on 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 directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on STT. Morgan Stanley dropped their target price on shares of State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research note on Friday, December 20th. 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 report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $103.00 target price (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Finally, Wells Fargo & Company cut their price target on State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and an average price target of $101.53.

State Street Trading Down 3.1 %

State Street stock opened at $88.95 on Friday. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $25.66 billion, a PE ratio of 10.80, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The firm has a 50 day simple moving average of $95.35 and a 200-day simple moving average of $94.40.

State Street (NYSE:STT) last issued its quarterly 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 during the quarter, compared to analyst estimates of $3.27 billion. During the same period last year, the company posted $2.04 EPS. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. As a group, equities research analysts expect that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm 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. This represents a $3.04 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 36.89%.

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.