State Street Co. (NYSE:STT) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP boosted its stake in shares of State Street Co. (NYSE:STT) by 6.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 551,210 shares of the asset manager’s stock after buying an additional 32,513 shares during the period. Wellington Management Group LLP’s holdings in State Street were worth $54,101,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of State Street during the 4th quarter valued at about $161,021,000. Amundi boosted its holdings in State Street by 11.1% in the 4th quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock valued at $547,636,000 after purchasing an additional 561,773 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of State Street in the 4th quarter valued at approximately $44,070,000. National Bank of Canada FI increased its holdings in shares of State Street by 99.4% during the 3rd quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock worth $78,574,000 after buying an additional 442,725 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in shares of State Street by 13.8% during the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after buying an additional 408,792 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 sale, 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 position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

State Street Price Performance

Shares of NYSE STT opened at $76.23 on Friday. The stock’s 50-day moving average is $94.09 and its two-hundred day moving average is $94.52. 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 company has a market cap of $21.99 billion, a price-to-earnings ratio of 9.25, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter last year, the company earned $2.04 earnings per share. The firm’s revenue was up 12.1% compared to the same quarter last year. Analysts forecast 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 paid a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.99%. State Street’s payout ratio is currently 36.89%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Wells Fargo & Company lowered their price objective on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Truist Financial cut their price objective on State Street from $104.00 to $89.00 and set a “hold” rating for the company in a research report on Friday. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 price target (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Finally, StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, State Street has a consensus rating of “Hold” and an average target price of $101.07.

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.