Fayez Sarofim & Co Buys Shares of 18,279 State Street Co. (NYSE:STT)

Fayez Sarofim & Co acquired a new position in shares of State Street Co. (NYSE:STT) in the fourth quarter, Holdings Channel reports. The firm acquired 18,279 shares of the asset manager’s stock, valued at approximately $1,794,000.

Other hedge funds have also recently made changes to their positions in the company. Adero Partners LLC raised its holdings in State Street by 3.6% in the fourth quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock worth $285,000 after purchasing an additional 100 shares in the last quarter. Peapack Gladstone Financial Corp grew its position in shares of State Street by 2.0% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after buying an additional 103 shares during the last quarter. Jacobi Capital Management LLC raised its stake in shares of State Street by 1.0% during the 4th 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 in the last quarter. Moors & Cabot Inc. lifted its position in State Street by 0.7% during the fourth quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock valued at $1,799,000 after acquiring an additional 131 shares during the last quarter. Finally, Apollon Wealth Management LLC boosted its stake in State Street by 1.4% in the fourth quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock valued at $986,000 after acquiring an additional 138 shares in the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at State Street

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction dated 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 owns 50,816 shares in the company, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

STT has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed 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. Truist Financial reduced their target price on State Street from $89.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday. Evercore ISI lowered their price target on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. Wells Fargo & Company cut their price objective on shares of State Street from $118.00 to $113.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Finally, StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. One 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $102.15.

State Street Stock Down 0.8 %

NYSE:STT opened at $80.61 on Tuesday. The firm has a market capitalization of $23.26 billion, a P/E ratio of 9.78, a PEG ratio of 1.11 and a beta of 1.42. The company’s fifty day moving average price is $88.88 and its 200-day moving average price is $93.77. State Street Co. has a 1-year low of $70.20 and a 1-year 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.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share (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 analysts’ expectations of $3.30 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same quarter in the previous year, the firm posted $1.69 EPS. As a group, equities research analysts anticipate that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st were paid a dividend of $0.76 per share. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.77%. State Street’s payout ratio is 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.