Godsey & Gibb Inc. Invests $19.97 Million in State Street Co. (NYSE:STT)

Godsey & Gibb Inc. acquired a new stake in shares of State Street Co. (NYSE:STT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 203,480 shares of the asset manager’s stock, valued at approximately $19,972,000. State Street comprises approximately 2.0% of Godsey & Gibb Inc.’s portfolio, making the stock its 25th largest holding. Godsey & Gibb Inc. owned 0.07% of State Street as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Peapack Gladstone Financial Corp grew its holdings in State Street by 2.0% in the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock valued at $467,000 after purchasing an additional 103 shares during the period. Benjamin F. Edwards & Company Inc. increased its holdings in shares of State Street by 5.4% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock worth $186,000 after buying an additional 129 shares during the last quarter. Rockland Trust Co. raised its position in shares of State Street by 1.8% in the 3rd quarter. Rockland Trust Co. now owns 8,332 shares of the asset manager’s stock worth $737,000 after buying an additional 150 shares during the period. Empirical Finance LLC boosted its holdings in State Street by 1.4% in the third quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock valued at $997,000 after acquiring an additional 158 shares during the last quarter. Finally, ST Germain D J Co. Inc. grew its position in State Street by 6.7% during the fourth quarter. ST Germain D J Co. Inc. now owns 2,869 shares of the asset manager’s stock valued at $282,000 after acquiring an additional 180 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of NYSE STT opened at $99.64 on Thursday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $101.91. The business has a 50 day moving average price of $97.51 and a two-hundred day moving average price of $89.20. The firm has a market cap of $29.21 billion, a PE ratio of 15.74, a price-to-earnings-growth ratio of 0.97 and a beta of 1.43.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.12 by $0.14. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.93 earnings per share. Sell-side analysts expect that State Street Co. will post 8.45 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were given a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s payout ratio is currently 48.03%.

Insider Activity

In other news, EVP John Plansky sold 13,859 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now directly owns 55,108 shares in the company, valued at approximately $5,032,462.56. The trade was a 20.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s 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 transaction, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,460 shares of company stock worth $2,499,860. 0.31% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on STT shares. The Goldman Sachs Group lifted their price objective on State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Evercore ISI lifted their price target on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Morgan Stanley dropped their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research report on Friday, January 3rd. Truist Financial began coverage on shares of State Street in a report on Tuesday, January 7th. They set a “hold” rating and a $106.00 target price on the stock. Finally, StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $100.33.

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.