Ieq Capital LLC Raises Stock Position in State Street Co. (NYSE:STT)

Ieq Capital LLC raised its holdings in shares of State Street Co. (NYSE:STT) by 95.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,583 shares of the asset manager’s stock after acquiring an additional 7,628 shares during the quarter. Ieq Capital LLC’s holdings in State Street were worth $1,529,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Albion Financial Group UT purchased a new position in State Street during the fourth quarter valued at $25,000. Y.D. More Investments Ltd grew its position in shares of State Street by 116.6% during the fourth 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 in the last quarter. Coastline Trust Co bought a new stake in shares of State Street in the third quarter worth about $44,000. Friedenthal Financial purchased a new stake in shares of State Street in the fourth quarter worth about $49,000. Finally, Capital Performance Advisors LLP bought a new position in State Street during the third quarter valued at approximately $54,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the transaction, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gregory L. Summe sold 10,815 shares of the company’s 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 directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

State Street Price Performance

Shares of STT opened at $98.56 on Tuesday. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The company has a 50 day moving average price of $98.50 and a 200-day moving average price of $93.16. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The stock has a market capitalization of $28.43 billion, a PE ratio of 11.96, a PEG ratio of 1.11 and a beta of 1.43.

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

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be given 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 yield of 3.08%. State Street’s payout ratio is 36.89%.

Analyst Ratings Changes

STT has been the topic of a number of research reports. Barclays lifted their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Truist Financial reduced their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods upgraded shares of 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 report on Tuesday, December 3rd. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Finally, Wells Fargo & Company increased their price target on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, January 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $100.73.

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.