Kestra Investment Management LLC Makes New $426,000 Investment in State Street Co. (NYSE:STT)

Kestra Investment Management LLC bought a new stake in State Street Co. (NYSE:STT) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 4,340 shares of the asset manager’s stock, valued at approximately $426,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new stake in State Street in the fourth quarter valued at about $272,000. KBC Group NV raised its stake in shares of State Street by 20.5% during the 3rd quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock worth $6,607,000 after buying an additional 12,707 shares in the last quarter. Merit Financial Group LLC purchased a new position in shares of State Street during the 4th quarter worth approximately $395,000. Janney Montgomery Scott LLC lifted its holdings in shares of State Street by 11.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock valued at $7,289,000 after buying an additional 7,446 shares during the period. Finally, Asset Management One Co. Ltd. boosted its stake in shares of State Street by 17.3% in the third quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock valued at $12,124,000 after buying an additional 20,183 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction 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 $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 27,020 shares of company stock valued at $2,674,661. Company insiders own 0.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on STT. Truist Financial reduced their target price on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 price objective (down previously from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Barclays upped their target price on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Wells Fargo & Company lifted their price target on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Finally, StockNews.com downgraded State Street from a “buy” rating to a “hold” rating in a research note on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, State Street presently has an average rating of “Hold” and an average target price of $100.73.

State Street Stock Down 0.6 %

STT opened at $99.82 on Thursday. The firm has a market cap of $28.80 billion, a P/E ratio of 12.11, a PEG ratio of 1.11 and a beta of 1.43. The business’s fifty day simple moving average is $98.60 and its 200 day simple moving average is $92.59. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period last year, the company earned $2.04 EPS. As a group, equities research analysts anticipate that State Street Co. will post 9.65 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders 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 annualized dividend and a yield of 3.05%. State Street’s payout ratio is currently 36.89%.

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.