Lake Street Advisors Group LLC Sells 344 Shares of State Street Co. (NYSE:STT)

Lake Street Advisors Group LLC lessened its position in State Street Co. (NYSE:STT) by 10.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 3,064 shares of the asset manager’s stock after selling 344 shares during the period. Lake Street Advisors Group LLC’s holdings in State Street were worth $301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of STT. International Assets Investment Management LLC grew its position in shares of State Street by 15,129.6% in the 3rd quarter. International Assets Investment Management LLC now owns 32,439 shares of the asset manager’s stock valued at $2,870,000 after acquiring an additional 32,226 shares during the period. Assenagon Asset Management S.A. grew its position in shares of State Street by 9.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 10,661 shares of the asset manager’s stock valued at $943,000 after acquiring an additional 954 shares during the period. First Trust Direct Indexing L.P. grew its position in shares of State Street by 17.0% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 10,757 shares of the asset manager’s stock valued at $952,000 after acquiring an additional 1,566 shares during the period. Pinnacle Associates Ltd. grew its position in shares of State Street by 13.0% in the 3rd quarter. Pinnacle Associates Ltd. now owns 6,122 shares of the asset manager’s stock valued at $542,000 after acquiring an additional 704 shares during the period. Finally, Farther Finance Advisors LLC grew its position in shares of State Street by 95.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 3,399 shares of the asset manager’s stock valued at $301,000 after acquiring an additional 1,656 shares during the period. Institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on STT shares. Barclays lifted their target price on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. 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 report on Friday, December 20th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $103.00 target price (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Finally, Truist Financial reduced 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street currently has a consensus rating of “Hold” and an average price target of $100.73.

Insider Activity

In related news, Director Gregory L. Summe sold 10,815 shares of the company’s 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 completion of the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This represents a 9.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the company’s 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

State Street Price Performance

Shares of NYSE:STT opened at $99.45 on Friday. The firm has a 50 day moving average of $98.59 and a 200-day moving average of $93.51. The stock has a market capitalization of $28.69 billion, a PE ratio of 12.07, 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 Co. has a 12 month low of $70.20 and a 12 month high of $103.00.

State Street (NYSE:STT) last issued its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS 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 analysts’ expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.04 EPS. On average, equities research analysts predict that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently announced 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 3.06%. The ex-dividend date is Tuesday, April 1st. State Street’s payout ratio is presently 36.89%.

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.