Legacy Capital Wealth Partners LLC Has $339,000 Stock Position in State Street Co. (NYSE:STT)

Legacy Capital Wealth Partners LLC reduced its holdings in shares of State Street Co. (NYSE:STT) by 44.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,453 shares of the asset manager’s stock after selling 2,739 shares during the quarter. Legacy Capital Wealth Partners LLC’s holdings in State Street were worth $339,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Geode Capital Management LLC grew its holdings in shares of State Street by 0.6% during the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock valued at $632,111,000 after buying an additional 41,442 shares during the last quarter. FMR LLC grew its holdings in shares of State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock valued at $540,796,000 after buying an additional 833,679 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its holdings in State Street by 30.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after purchasing an additional 1,354,560 shares during the last quarter. Metropolis Capital Ltd boosted its holdings in State Street by 3.9% during the third quarter. Metropolis Capital Ltd now owns 4,286,306 shares of the asset manager’s stock worth $379,209,000 after purchasing an additional 161,466 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in State Street by 13.8% during the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after purchasing an additional 408,792 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

State Street Price Performance

STT stock opened at $99.16 on Monday. 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 Co. has a one year low of $70.20 and a one year high of $103.00. The stock has a market cap of $29.07 billion, a PE ratio of 12.03, a P/E/G ratio of 1.12 and a beta of 1.43. The firm has a 50 day simple moving average of $98.59 and a two-hundred day simple moving average of $92.24.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. During the same quarter in the previous year, the company earned $2.04 EPS. The business’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, analysts predict that State Street Co. will post 9.6 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were paid a $0.76 dividend. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.07%. State Street’s dividend payout ratio (DPR) is 36.89%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on STT. Morgan Stanley cut their price target on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Friday, January 3rd. Barclays boosted their price target on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $103.00 price target (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Finally, Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, State Street presently has an average rating of “Hold” and a consensus price target of $100.73.

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.