Hillsdale Investment Management Inc. Buys New Stake in State Street Co. (NYSE:STT)

Hillsdale Investment Management Inc. purchased a new stake in shares of State Street Co. (NYSE:STT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,370 shares of the asset manager’s stock, valued at approximately $822,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STT. Adero Partners LLC boosted its position in State Street by 3.6% during 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 raised its stake in shares of State Street by 2.0% during 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 period. Jacobi Capital Management LLC lifted its position 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 valued at $1,201,000 after buying an additional 121 shares in the last quarter. Moors & Cabot Inc. grew its stake in 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 acquiring an additional 131 shares during the period. Finally, Apollon Wealth Management LLC increased its holdings in 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 acquiring an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity

In related news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on 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 completion of the sale, the director now 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

STT has been the topic of a number of research reports. Morgan Stanley decreased their price target on shares of State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. Wells Fargo & Company boosted their price target on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research report on Thursday, January 2nd. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Finally, Truist Financial lowered their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. One equities 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $101.20.

State Street Price Performance

STT stock opened at $90.63 on Monday. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The firm has a market capitalization of $26.14 billion, a P/E ratio of 11.00, a P/E/G ratio of 1.11 and a beta of 1.44. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The business’s 50-day moving average is $95.93 and its two-hundred day moving average is $94.28.

State Street (NYSE:STT) last released its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $3.27 billion. During the same period in the previous year, the company earned $2.04 EPS. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts anticipate 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. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.35%. State Street’s dividend payout ratio is presently 36.89%.

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.