Curbstone Financial Management Corp lessened its stake in shares of State Street Co. (NYSE:STT) by 1.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 8,750 shares of the asset manager’s stock after selling 150 shares during the period. Curbstone Financial Management Corp’s holdings in State Street were worth $735,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in the stock. Alpha DNA Investment Management LLC purchased a new stake in shares of State Street in the fourth quarter valued at $25,000. DekaBank Deutsche Girozentrale lifted its position in shares of State Street by 1.3% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 84,678 shares of the asset manager’s stock worth $6,094,000 after purchasing an additional 1,085 shares in the last quarter. Amundi Pioneer Asset Management Inc. boosted its holdings in shares of State Street by 13.5% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 705,593 shares of the asset manager’s stock worth $51,353,000 after purchasing an additional 84,023 shares during the period. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in State Street during the fourth quarter valued at approximately $3,793,000. Finally, Dimensional Fund Advisors LP increased its stake in State Street by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,075,955 shares of the asset manager’s stock valued at $151,083,000 after buying an additional 31,894 shares during the period. Institutional investors and hedge funds own 91.77% of the company’s stock.
Several equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of State Street from $97.00 to $100.00 and gave the company a “buy” rating in a report on Friday. Morgan Stanley upped their target price on State Street from $102.00 to $103.00 and gave the stock an “overweight” rating in a research report on Thursday, April 1st. Barclays raised their price target on State Street from $99.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday. Piper Sandler increased their price objective on State Street from $69.00 to $81.00 and gave the stock a “neutral” rating in a report on Monday, January 11th. Finally, Royal Bank of Canada boosted their target price on shares of State Street from $78.00 to $86.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 20th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $82.60.
State Street stock opened at $84.41 on Friday. The business’s 50-day simple moving average is $80.68 and its 200-day simple moving average is $72.21. State Street Co. has a 52 week low of $51.21 and a 52 week high of $87.89. The firm has a market capitalization of $29.69 billion, a PE ratio of 12.67, a PEG ratio of 1.11 and a beta of 1.60. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.50 and a current ratio of 0.50.
State Street (NYSE:STT) last issued its quarterly earnings results on Monday, January 18th. The asset manager reported $1.69 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.13. The company had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.82 billion. State Street had a return on equity of 12.24% and a net margin of 20.75%. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.98 earnings per share. Research analysts forecast that State Street Co. will post 6.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 12th. Stockholders of record on Thursday, April 1st will be issued a dividend of $0.52 per share. The ex-dividend date of this dividend is Wednesday, March 31st. This represents a $2.08 annualized dividend and a dividend yield of 2.46%. State Street’s payout ratio is 33.71%.
In other news, EVP Andrew Erickson sold 11,000 shares of the business’s stock in a transaction that occurred on Friday, February 26th. The stock was sold at an average price of $73.30, for a total transaction of $806,300.00. Following the sale, the executive vice president now directly owns 58,997 shares in the company, valued at $4,324,480.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Michael L. Richards sold 365 shares of the company’s stock in a transaction on Monday, March 1st. The shares were sold at an average price of $74.61, for a total value of $27,232.65. Following the completion of the transaction, the executive vice president now owns 24,420 shares of the company’s stock, valued at $1,821,976.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,898 shares of company stock worth $873,183. Insiders own 0.28% of the company’s stock.
About State Street
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product accounting; daily pricing and administration; master trust and master custody; depotbank; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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