State Street Co. (NYSE:STT) Shares Bought by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC boosted its holdings in shares of State Street Co. (NYSE:STT) by 9.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,676 shares of the asset manager’s stock after buying an additional 240 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in State Street were worth $263,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Albion Financial Group UT acquired a new position in State Street during the 4th quarter valued at about $25,000. Y.D. More Investments Ltd grew its stake in State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after purchasing an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in State Street during the 4th quarter valued at about $42,000. Coastline Trust Co purchased a new stake in State Street during the 3rd quarter valued at about $44,000. Finally, Friedenthal Financial purchased a new stake in State Street during the 4th quarter valued at about $49,000. 87.44% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on STT shares. 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 note on Friday, December 20th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 price target (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Truist Financial lowered their target price on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Finally, Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, State Street currently has an average rating of “Hold” and a consensus target price of $101.20.

Insider Buying and Selling at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the completion of the transaction, the executive vice president now owns 50,816 shares of the company’s stock, 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. Insiders own 0.31% of the company’s stock.

State Street Stock Performance

Shares of STT stock opened at $87.90 on Tuesday. The company has a market capitalization of $25.36 billion, a P/E ratio of 10.67, a P/E/G ratio of 1.11 and a beta of 1.44. The business’s 50 day moving average is $96.48 and its two-hundred day moving average is $94.18. 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 Co. has a 12-month low of $70.20 and a 12-month high of $103.00.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the prior year, the business posted $2.04 earnings per share. State Street’s revenue for the quarter was up 12.1% on a year-over-year basis. Analysts expect that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Shareholders 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 dividend on an annualized basis and a dividend yield of 3.46%. State Street’s payout ratio is currently 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.