Allstate Corp Invests $832,000 in State Street Co. (NYSE:STT)

Allstate Corp purchased a new position in shares of State Street Co. (NYSE:STT) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 8,472 shares of the asset manager’s stock, valued at approximately $832,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of STT. Townsquare Capital LLC acquired a new position in shares of State Street during the third quarter worth about $351,000. Public Sector Pension Investment Board boosted its holdings in State Street by 2.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 52,286 shares of the asset manager’s stock valued at $4,626,000 after purchasing an additional 1,200 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in State Street by 14.1% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 24,631 shares of the asset manager’s stock worth $2,176,000 after purchasing an additional 3,037 shares during the period. Verition Fund Management LLC raised its stake in shares of State Street by 57.3% during the 3rd quarter. Verition Fund Management LLC now owns 39,854 shares of the asset manager’s stock worth $3,526,000 after buying an additional 14,517 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of State Street in the 3rd quarter valued at approximately $1,066,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Up 0.7 %

Shares of STT stock opened at $89.62 on Tuesday. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00. The company has a market capitalization of $25.85 billion, a price-to-earnings ratio of 10.88, a PEG ratio of 1.11 and a beta of 1.44. The firm has a 50-day moving average price of $95.20 and a 200 day moving average price of $94.61. 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 announced its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.04 earnings per share. Research analysts forecast that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is currently 36.89%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Citigroup cut their price objective on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Truist Financial cut their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Wells Fargo & Company lowered their target price 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. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and increased their target price for the company from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, Morgan Stanley decreased their price target on State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $101.53.

Insider Buying and Selling

In other news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction dated 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 transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now directly owns 50,816 shares in the company, valued at $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. 0.31% of the stock is currently owned by company 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.