Forvis Mazars Wealth Advisors LLC Sells 135 Shares of State Street Co. (NYSE:STT)

Forvis Mazars Wealth Advisors LLC cut its stake in shares of State Street Co. (NYSE:STT) by 1.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,518 shares of the asset manager’s stock after selling 135 shares during the quarter. Forvis Mazars Wealth Advisors LLC’s holdings in State Street were worth $836,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC bought a new position in shares of State Street in the fourth quarter worth approximately $272,000. KBC Group NV boosted its holdings in State Street by 20.5% in 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 during the period. Janney Montgomery Scott LLC increased its stake in State Street by 11.1% in the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after buying an additional 7,446 shares in the last quarter. Merit Financial Group LLC bought a new stake in State Street during the fourth quarter valued at about $395,000. Finally, Asset Management One Co. Ltd. raised its holdings in State Street by 17.3% during 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 acquiring an additional 20,183 shares during the period. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Trading Down 0.9 %

NYSE STT opened at $98.74 on Monday. State Street Co. has a 12 month low of $70.20 and a 12 month high of $103.00. The company’s 50-day moving average price is $98.55 and its 200-day moving average price is $93.02. The stock has a market cap of $28.48 billion, a PE ratio of 11.98, a PEG ratio of 1.11 and a beta of 1.43. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last issued its 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 for the quarter, compared to analyst estimates of $3.27 billion. During the same period last year, the company posted $2.04 earnings per share. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. Equities research analysts forecast that State Street Co. will post 9.68 earnings per share for the current year.

State Street Announces Dividend

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

Insider Activity

In other news, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred 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 transaction, the director now directly owns 100,023 shares in the company, valued at approximately $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on STT. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a research note on Friday, February 14th. Deutsche Bank Aktiengesellschaft restated 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. Truist Financial reduced their price objective on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Finally, Morgan Stanley reduced 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. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, State Street currently has an average rating of “Hold” and an average 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.