New York Life Investment Management LLC Reduces Stock Position in State Street Co. (NYSE:STT)

New York Life Investment Management LLC reduced its position in shares of State Street Co. (NYSE:STT) by 1.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,506 shares of the asset manager’s stock after selling 447 shares during the period. New York Life Investment Management LLC’s holdings in State Street were worth $3,878,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of State Street by 0.6% during the third quarter. Geode Capital Management LLC now owns 7,169,070 shares of the asset manager’s stock worth $632,111,000 after purchasing an additional 41,442 shares during the period. FMR LLC boosted its holdings in shares of State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after purchasing an additional 833,679 shares during the period. Hotchkis & Wiley Capital Management LLC boosted 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. Franklin Resources Inc. boosted its holdings in shares of State Street by 13.8% during the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after purchasing an additional 408,792 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in State Street by 1.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,421,569 shares of the asset manager’s stock worth $214,236,000 after buying an additional 23,252 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Price Performance

STT stock opened at $99.45 on Friday. The firm has a 50 day moving average price of $98.59 and a 200-day moving average price of $93.61. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00. The firm has a market capitalization of $28.69 billion, a price-to-earnings ratio of 12.07, a PEG ratio of 1.11 and a beta of 1.43. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating 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 quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.04 earnings per share. Equities research analysts forecast that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

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 given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is currently 36.89%.

Insider Activity at State Street

In other State Street news, 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 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 approximately $10,002,300. The trade was a 9.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. 0.31% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on STT shares. Wells Fargo & Company raised their price objective on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. StockNews.com upgraded shares of State Street from a “hold” rating to a “buy” rating in a report on Thursday. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 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. Finally, Truist Financial lowered their price objective 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. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, State Street has a consensus rating of “Hold” and a consensus target price of $100.73.

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.