MONECO Advisors LLC Invests $1.74 Million in State Street Co. (NYSE:STT)

MONECO Advisors LLC purchased a new position in State Street Co. (NYSE:STT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,732 shares of the asset manager’s stock, valued at approximately $1,740,000.

Other hedge funds have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC bought a new position in shares of State Street in the fourth quarter worth about $272,000. KBC Group NV grew its holdings in State Street by 20.5% during the 3rd quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock worth $6,607,000 after acquiring an additional 12,707 shares in the last quarter. Merit Financial Group LLC bought a new position in State Street during the 4th quarter worth about $395,000. Janney Montgomery Scott LLC grew its holdings in State Street by 11.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after acquiring an additional 7,446 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its holdings in State Street by 17.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock worth $12,124,000 after acquiring an additional 20,183 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on STT shares. Truist Financial dropped their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. Wolfe Research upgraded shares of 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 report on Thursday, January 2nd. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Finally, StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $100.73.

Insider Buying and Selling

In other news, Director Gregory L. Summe sold 10,815 shares of the firm’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 sale, the director now owns 100,023 shares of the company’s stock, valued at $10,002,300. This trade represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Kathryn M. Horgan sold 12,500 shares of the firm’s 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 directly owns 111,042 shares in the company, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,020 shares of company stock worth $2,674,661. 0.31% of the stock is owned by company insiders.

State Street Stock Performance

Shares of State Street stock opened at $98.74 on Friday. The firm has a market capitalization of $28.48 billion, a P/E ratio of 11.98, a PEG ratio of 1.11 and a beta of 1.43. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a 50 day moving average price of $98.55 and a 200 day moving average price of $92.90. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00.

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, topping the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the prior year, the company earned $2.04 EPS. State Street’s quarterly revenue was up 12.1% on a year-over-year basis. Sell-side analysts expect that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a $0.76 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.08%. State Street’s dividend payout ratio (DPR) is presently 36.89%.

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.