Wedge Capital Management L L P NC Decreases Stock Holdings in State Street Co. (NYSE:STT)

Wedge Capital Management L L P NC reduced its position in shares of State Street Co. (NYSE:STT) by 13.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 395,805 shares of the asset manager’s stock after selling 59,601 shares during the period. Wedge Capital Management L L P NC owned 0.14% of State Street worth $38,848,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of STT. Coastline Trust Co bought a new stake in shares of State Street in the 3rd quarter worth approximately $44,000. Friedenthal Financial purchased a new stake in State Street in the fourth quarter worth $49,000. Capital Performance Advisors LLP bought a new stake in State Street in the third quarter valued at $54,000. Versant Capital Management Inc raised its holdings in State Street by 37.0% in the 4th quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock worth $72,000 after purchasing an additional 197 shares in the last quarter. Finally, Tobam purchased a new stake in shares of State Street in the 3rd quarter worth about $77,000. 87.44% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on STT. Morgan Stanley lowered their price objective on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. Barclays upped their price target on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Truist Financial assumed coverage on State Street in a research report on Tuesday, January 7th. They set a “hold” rating and a $106.00 price objective for the company. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price for the company in a research note on Friday, December 20th. Finally, StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $100.33.

State Street Stock Performance

Shares of STT opened at $97.51 on Friday. State Street Co. has a 52 week low of $70.20 and a 52 week high of $101.91. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.91. The stock has a market cap of $28.58 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 0.97 and a beta of 1.43. The business has a 50-day simple moving average of $97.67 and a two-hundred day simple moving average of $89.35.

State Street (NYSE:STT) last issued 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 business had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3,267,560 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.04 earnings per share. On average, analysts expect that State Street Co. will post 8.45 EPS for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were issued a dividend of $0.76 per share. The ex-dividend date of this dividend was Thursday, January 2nd. This represents a $3.04 dividend on an annualized basis and a yield of 3.12%. State Street’s dividend payout ratio is presently 48.03%.

Insider Activity

In related news, EVP Kathryn M. Horgan sold 12,500 shares of State Street stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the sale, the executive vice president now owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This trade represents a 10.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.31% of the company’s stock.

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.