Longbow Finance SA Invests $8.96 Million in State Street Co. (NYSE:STT)

Longbow Finance SA acquired a new position in shares of State Street Co. (NYSE:STT) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 91,316 shares of the asset manager’s stock, valued at approximately $8,963,000.

Several other institutional investors have also modified their holdings of STT. Albion Financial Group UT purchased a new stake in shares of State Street during the 4th quarter worth $25,000. Y.D. More Investments Ltd lifted its position in shares of State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after purchasing an additional 197 shares during the last quarter. Coastline Trust Co purchased a new stake in shares of State Street during the 3rd quarter worth $44,000. Friedenthal Financial purchased a new stake in shares of State Street during the 4th quarter worth $49,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of State Street during the 3rd quarter worth $54,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Ann Fogarty sold 3,705 shares of the 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 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 ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

State Street Price Performance

Shares of NYSE:STT opened at $98.56 on Tuesday. The company has a 50-day simple moving average of $98.50 and a 200-day simple moving average of $93.16. 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 quick ratio of 0.56 and a current ratio of 0.56. The stock has a market capitalization of $28.43 billion, a price-to-earnings ratio of 11.96, a PEG ratio of 1.11 and a beta of 1.43.

State Street (NYSE:STT) last posted 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 firm had revenue of $3.41 billion during 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% on a year-over-year basis. During the same period in the prior year, the company posted $2.04 earnings per share. On average, analysts predict that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.08%. State Street’s dividend payout ratio is currently 36.89%.

Analysts Set New Price Targets

Several research firms have recently issued reports on STT. Truist Financial decreased their price objective on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. Morgan Stanley reduced their price target on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research report on Friday, January 3rd. Barclays boosted their price target on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. StockNews.com cut shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, February 14th. Finally, JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target for the company in a research report on Friday, December 20th. One equities research 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. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $100.73.

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.