Thoroughbred Financial Services LLC Cuts Stock Position in State Street Co. (NYSE:STT)

Thoroughbred Financial Services LLC decreased its holdings in shares of State Street Co. (NYSE:STT) by 53.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 2,038 shares of the asset manager’s stock after selling 2,374 shares during the period. Thoroughbred Financial Services LLC’s holdings in State Street were worth $200,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the business. Adero Partners LLC increased its holdings in shares of State Street by 3.6% in the 4th quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock worth $285,000 after buying an additional 100 shares during the last quarter. Peapack Gladstone Financial Corp grew its position in State Street by 2.0% in the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after acquiring an additional 103 shares in the last quarter. Jacobi Capital Management LLC increased its stake in State Street by 1.0% during the fourth quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock worth $1,201,000 after acquiring an additional 121 shares during the last quarter. Moors & Cabot Inc. lifted its stake in shares of State Street by 0.7% in the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock valued at $1,799,000 after purchasing an additional 131 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its holdings in shares of State Street by 1.4% in the 4th quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock worth $986,000 after purchasing an additional 138 shares during the period. Institutional investors own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

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

State Street Price Performance

Shares of STT opened at $76.17 on Tuesday. The stock has a market capitalization of $21.97 billion, a PE ratio of 9.24, a PEG ratio of 1.11 and a beta of 1.42. The company has a 50 day moving average price of $93.61 and a 200-day moving average price of $94.48. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00.

State Street (NYSE:STT) last posted its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping 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 company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the prior year, the business earned $2.04 earnings per share. State Street’s revenue was up 12.1% on a year-over-year basis. Equities analysts predict that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

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 given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date is Tuesday, April 1st. State Street’s payout ratio is currently 36.89%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on STT. Citigroup decreased their price target on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Evercore ISI reduced their target price on shares of State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $103.00 target price (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Finally, Truist Financial decreased their price objective on shares of State Street from $104.00 to $89.00 and set a “hold” rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $101.07.

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.