Truist Financial Corp Has $11.12 Million Holdings in State Street Co. (NYSE:STT)

Truist Financial Corp lessened its holdings in shares of State Street Co. (NYSE:STT) by 25.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 113,292 shares of the asset manager’s stock after selling 37,964 shares during the period. Truist Financial Corp’s holdings in State Street were worth $11,120,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of STT. Hotchkis & Wiley Capital Management LLC lifted its holdings in shares of 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 period. FMR LLC lifted its holdings in State Street by 15.8% in 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 period. Wellington Management Group LLP lifted its holdings in State Street by 818.1% in the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock valued at $45,889,000 after buying an additional 462,201 shares during the period. National Bank of Canada FI lifted its holdings in State Street by 99.4% in the third quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock valued at $78,574,000 after buying an additional 442,725 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in State Street by 13.8% in the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock valued at $306,116,000 after buying an additional 408,792 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

State Street Trading Down 0.2 %

NYSE:STT opened at $99.63 on Friday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a 50-day moving average of $98.58 and a 200-day moving average of $92.64. The company has a market cap of $28.74 billion, a PE ratio of 12.09, a PEG ratio of 1.12 and a beta of 1.43. State Street Co. has a one year low of $70.20 and a one year high of $103.00.

State Street (NYSE:STT) last posted its earnings results 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 company had revenue of $3.41 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm posted $2.04 earnings per share. As a group, equities research analysts expect that State Street Co. will post 9.65 EPS for the current fiscal year.

State Street Announces Dividend

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 yield of 3.05%. State Street’s payout ratio is 36.89%.

Analysts Set New Price Targets

Several research firms recently issued reports on STT. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a report on Friday, December 20th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $103.00 price target (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Barclays lifted their price target on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research note on Friday, February 14th. One research analyst has rated the stock with a sell rating, eight have assigned 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 price target of $100.73.

Insiders Place Their Bets

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were 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 directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction dated 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 owns 50,816 shares in the company, valued at approximately $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,020 shares of company stock valued at $2,674,661. Corporate 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.