Carlson Capital L.P. Takes $422,000 Position in State Street Co. (NYSE:STT)

Carlson Capital L.P. bought a new stake in State Street Co. (NYSE:STT) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 4,300 shares of the asset manager’s stock, valued at approximately $422,000. State Street accounts for approximately 0.2% of Carlson Capital L.P.’s investment portfolio, making the stock its 29th largest holding.

Other hedge funds also recently modified their holdings of the company. Albion Financial Group UT purchased a new stake in shares of State Street in the fourth quarter valued at $25,000. Y.D. More Investments Ltd raised its holdings in shares of State Street by 116.6% during the fourth quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after acquiring an additional 197 shares in the last quarter. Coastline Trust Co purchased a new stake in shares of State Street during the third quarter worth $44,000. Friedenthal Financial purchased a new stake in shares of State Street during the fourth quarter worth $49,000. Finally, Hager Investment Management Services LLC purchased a new stake in shares of State Street during the fourth quarter worth $56,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity

In related news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total transaction of $1,081,500.00. Following the sale, the director now directly owns 100,023 shares of the company’s stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares in the company, 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 company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on STT. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $103.00 price objective (down from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Wolfe Research upgraded State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Wells Fargo & Company increased their target price on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research report on Thursday, January 2nd. Finally, Truist Financial lowered their target price 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. One 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $100.73.

State Street Trading Up 0.1 %

Shares of NYSE:STT opened at $97.29 on Thursday. The company has a market cap of $28.07 billion, a P/E ratio of 11.81, a P/E/G ratio of 1.11 and a beta of 1.43. The stock’s 50-day moving average is $98.52 and its 200-day moving average is $93.32. State Street Co. has a 52-week low of $70.20 and a 52-week 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.

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

State Street Announces Dividend

The firm 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 $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is currently 36.89%.

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.