Peapack Gladstone Financial Corp Has $339,000 Stock Position in State Street Co. (NYSE:STT)

Peapack Gladstone Financial Corp lowered its position in shares of State Street Co. (NYSE:STT) by 34.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,452 shares of the asset manager’s stock after selling 1,831 shares during the period. Peapack Gladstone Financial Corp’s holdings in State Street were worth $339,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Adero Partners LLC lifted its stake in State Street by 3.6% during the fourth quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock worth $285,000 after purchasing an additional 100 shares during the last quarter. Jacobi Capital Management LLC boosted its holdings in State Street by 1.0% in the fourth quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock valued at $1,201,000 after acquiring an additional 121 shares during the last quarter. Moors & Cabot Inc. lifted its holdings in State Street by 0.7% in the fourth quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock valued at $1,799,000 after buying an additional 131 shares during the period. Apollon Wealth Management LLC lifted its stake in shares of State Street by 1.4% in the 4th quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock valued at $986,000 after purchasing an additional 138 shares during the period. Finally, Huntington National Bank boosted its position in shares of State Street by 1.3% during the 4th quarter. Huntington National Bank now owns 11,671 shares of the asset manager’s stock valued at $1,146,000 after purchasing an additional 150 shares in the last quarter. 87.44% of the stock is owned by institutional investors and hedge funds.

State Street Stock Up 9.5 %

Shares of NYSE STT opened at $82.47 on Thursday. The stock has a market capitalization of $23.80 billion, a P/E ratio of 10.01, a PEG ratio of 1.11 and a beta of 1.42. The firm’s 50 day simple moving average is $91.80 and its two-hundred day simple moving average is $94.12. State Street Co. has a one year low of $70.20 and a one 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.

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

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date is Tuesday, April 1st. State Street’s payout ratio is 36.89%.

Analysts Set New Price Targets

A number of brokerages have weighed in on STT. Wells Fargo & Company lowered their target price on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a report on Friday, March 28th. Barclays raised their price objective on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a report on Friday, December 20th. Truist Financial cut their target price on State Street from $104.00 to $89.00 and set a “hold” rating on the stock in a report on Friday, April 4th. Finally, Morgan Stanley dropped their target price on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $101.07.

Insider Activity

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

State Street 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.