CIBC Private Wealth Group LLC Has $954,000 Stock Position in State Street Co. (NYSE:STT)

CIBC Private Wealth Group LLC increased its position in shares of State Street Co. (NYSE:STT) by 4.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,758 shares of the asset manager’s stock after acquiring an additional 446 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in State Street were worth $954,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in State Street by 0.6% during the 3rd quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after purchasing an additional 41,442 shares during the last quarter. Amundi raised its stake in shares of State Street by 11.1% during the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock worth $547,636,000 after buying an additional 561,773 shares during the last quarter. Franklin Resources Inc. lifted its holdings in State Street by 13.8% in the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after buying an additional 408,792 shares during the period. Nordea Investment Management AB boosted its stake in State Street by 21.2% in the fourth quarter. Nordea Investment Management AB now owns 2,180,504 shares of the asset manager’s stock valued at $214,998,000 after acquiring an additional 381,260 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in State Street by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock worth $184,025,000 after acquiring an additional 10,404 shares during the period. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research report on Friday, December 20th. Citigroup reduced their target price on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research note on Friday, March 7th. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Finally, Truist Financial lowered their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, State Street currently has a consensus rating of “Hold” and an average price target of $102.07.

State Street Price Performance

Shares of STT opened at $82.64 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00. The stock has a market capitalization of $23.84 billion, a P/E ratio of 10.03, a P/E/G ratio of 1.11 and a beta of 1.42. The company has a 50 day moving average of $94.55 and a 200-day moving average of $94.53.

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

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.68%. State Street’s payout ratio is presently 36.89%.

Insider Activity at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the 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 $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the transaction, the director now owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

State Street Company 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.