State of Michigan Retirement System Trims Position in State Street Co. (NYSE:STT)

State of Michigan Retirement System lowered its position in State Street Co. (NYSE:STT) by 2.7% in the fourth quarter, HoldingsChannel reports. The firm owned 85,128 shares of the asset manager’s stock after selling 2,400 shares during the period. State of Michigan Retirement System’s holdings in State Street were worth $8,355,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STT. Albion Financial Group UT purchased a new stake in shares of State Street in the 4th quarter valued at approximately $25,000. Y.D. More Investments Ltd lifted its holdings in State Street by 116.6% in the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in State Street in the fourth quarter worth approximately $42,000. Coastline Trust Co acquired a new stake in State Street during the third quarter worth $44,000. Finally, Friedenthal Financial purchased a new stake in State Street in the fourth quarter valued at $49,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Stock Up 1.0 %

Shares of NYSE:STT opened at $92.63 on Thursday. State Street Co. has a fifty-two week low of $70.20 and a fifty-two week high of $103.00. The firm’s 50 day moving average price is $98.28 and its 200 day moving average price is $93.89. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock has a market cap of $26.72 billion, a price-to-earnings ratio of 11.24, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44.

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

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be issued a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.28%. State Street’s payout ratio is currently 36.89%.

Insider Buying and Selling

In related news, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction on 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 sale, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on STT shares. Morgan Stanley lowered their price target on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $103.00 price objective (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Truist Financial dropped their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Finally, Wells Fargo & Company upped their price target on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company 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.