Pinebridge Investments L.P. Increases Stock Holdings in State Street Co. (NYSE:STT)

Pinebridge Investments L.P. increased its stake in State Street Co. (NYSE:STT) by 17.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 586,161 shares of the asset manager’s stock after acquiring an additional 86,299 shares during the quarter. Pinebridge Investments L.P. owned approximately 0.20% of State Street worth $57,532,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in State Street in the 4th quarter worth about $161,021,000. Price T Rowe Associates Inc. MD raised its stake in State Street by 236.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager’s stock valued at $226,642,000 after purchasing an additional 1,622,408 shares during the last quarter. FMR LLC lifted its holdings in State Street by 14.2% in the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock valued at $685,441,000 after purchasing an additional 870,849 shares in the last quarter. Amundi boosted its stake in State Street by 11.1% during the 4th quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock worth $547,636,000 after purchasing an additional 561,773 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of State Street during the fourth quarter worth $44,070,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on STT shares. Keefe, Bruyette & Woods dropped their price objective on shares of State Street from $118.00 to $113.00 and set an “outperform” rating for the company in a research note on Monday. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Wells Fargo & Company lowered their price target on shares of State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Finally, Truist Financial decreased their target price on shares of State Street from $89.00 to $85.00 and set a “hold” rating on the stock in a report on Monday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, State Street currently has a consensus rating of “Hold” and a consensus price target of $102.15.

Insiders Place Their Bets

In related news, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction 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 completion of the transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.29% of the stock is owned by company insiders.

State Street Price Performance

STT stock opened at $83.74 on Wednesday. The business’s fifty day moving average price is $88.58 and its 200 day moving average price is $93.70. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a market capitalization of $24.17 billion, a PE ratio of 10.16, a P/E/G ratio of 1.11 and a beta of 1.42. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last posted its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate of $1.98 by $0.06. The business had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.30 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. During the same quarter last year, the firm posted $1.69 earnings per share. On average, sell-side analysts anticipate that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were issued a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.63%. State Street’s dividend payout ratio (DPR) is presently 34.12%.

State Street 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.