Convergence Investment Partners LLC Decreases Stake in State Street Co. (NYSE:STT)

Convergence Investment Partners LLC lowered its position in shares of State Street Co. (NYSE:STT) by 1.1% in the fourth quarter, Holdings Channel reports. The firm owned 15,964 shares of the asset manager’s stock after selling 180 shares during the period. Convergence Investment Partners LLC’s holdings in State Street were worth $1,567,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Kentucky Retirement Systems Insurance Trust Fund boosted its holdings in State Street by 75.8% in the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 15,546 shares of the asset manager’s stock worth $1,526,000 after acquiring an additional 6,705 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in State Street in the 4th quarter worth approximately $37,026,000. Kestra Investment Management LLC purchased a new position in State Street in the 4th quarter worth approximately $426,000. Venturi Wealth Management LLC boosted its holdings in State Street by 60.1% in the 4th quarter. Venturi Wealth Management LLC now owns 1,114 shares of the asset manager’s stock worth $109,000 after acquiring an additional 418 shares during the period. Finally, D.A. Davidson & CO. boosted its holdings in State Street by 4.0% in the 4th quarter. D.A. Davidson & CO. now owns 126,971 shares of the asset manager’s stock worth $12,462,000 after acquiring an additional 4,907 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insiders Place Their Bets

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.31% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Truist Financial decreased their price target on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Barclays upped their target price on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Wells Fargo & Company upped their target price on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Finally, Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus target price of $100.73.

State Street Price Performance

Shares of NYSE STT opened at $100.40 on Wednesday. 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. The business’s fifty day moving average price is $98.59 and its two-hundred day moving average price is $92.54. The firm has a market capitalization of $28.96 billion, a PE ratio of 12.18, a P/E/G ratio of 1.11 and a beta of 1.43.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same period last year, the company earned $2.04 earnings per share. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, research analysts expect that State Street Co. will post 9.65 EPS for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were given a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s dividend payout ratio is presently 36.89%.

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.