Sentry Investment Management LLC Cuts Stock Position in State Street Co. (NYSE:STT)

Sentry Investment Management LLC lessened its stake in shares of State Street Co. (NYSE:STT) by 14.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,219 shares of the asset manager’s stock after selling 198 shares during the quarter. Sentry Investment Management LLC’s holdings in State Street were worth $120,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. International Assets Investment Management LLC raised its position in State Street by 15,129.6% in the third quarter. International Assets Investment Management LLC now owns 32,439 shares of the asset manager’s stock worth $2,870,000 after acquiring an additional 32,226 shares in the last quarter. Assenagon Asset Management S.A. raised its position in State Street by 9.8% in the third quarter. Assenagon Asset Management S.A. now owns 10,661 shares of the asset manager’s stock worth $943,000 after acquiring an additional 954 shares in the last quarter. Allworth Financial LP raised its position in State Street by 8.3% in the third quarter. Allworth Financial LP now owns 2,425 shares of the asset manager’s stock worth $215,000 after acquiring an additional 185 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in State Street by 1.0% in the third quarter. DekaBank Deutsche Girozentrale now owns 97,443 shares of the asset manager’s stock worth $8,564,000 after acquiring an additional 991 shares in the last quarter. Finally, abrdn plc raised its position in State Street by 3.6% in the third quarter. abrdn plc now owns 581,105 shares of the asset manager’s stock worth $51,166,000 after acquiring an additional 20,146 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on STT shares. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Morgan Stanley cut their price objective on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research report on Friday, January 3rd. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target for the company in a research report on Friday, December 20th. Finally, Truist Financial dropped their price target on 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 research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $100.73.

State Street Stock Up 0.1 %

STT opened at $97.29 on Thursday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a market cap of $28.07 billion, a P/E ratio of 11.81, a PEG ratio of 1.11 and a beta of 1.43. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The business’s fifty day simple moving average is $98.52 and its 200 day simple moving average is $93.32.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.04 earnings per share. As a group, equities research analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently disclosed 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. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Tuesday, April 1st. State Street’s payout ratio is currently 36.89%.

Insiders Place Their Bets

In other State Street 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 sale, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was 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 directly 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 disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

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.