Westpac Banking Corp Acquires 1,165 Shares of State Street Co. (NYSE:STT)

Westpac Banking Corp lifted its stake in State Street Co. (NYSE:STT) by 2.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,173 shares of the asset manager’s stock after buying an additional 1,165 shares during the period. Westpac Banking Corp’s holdings in State Street were worth $5,317,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in State Street by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 7,193,687 shares of the asset manager’s stock valued at $704,238,000 after acquiring an additional 24,617 shares in the last quarter. Amundi raised its stake in State Street by 11.1% in the fourth quarter. Amundi now owns 5,602,547 shares of the asset manager’s stock valued at $547,636,000 after purchasing an additional 561,773 shares in the last quarter. Franklin Resources Inc. lifted its position in State Street by 1.7% during the fourth quarter. Franklin Resources Inc. now owns 3,422,147 shares of the asset manager’s stock worth $335,884,000 after purchasing an additional 55,598 shares during the period. Nordea Investment Management AB lifted its position in State Street by 21.2% during the fourth quarter. Nordea Investment Management AB now owns 2,180,504 shares of the asset manager’s stock worth $214,998,000 after purchasing an additional 381,260 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in State Street by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock worth $184,025,000 after buying an additional 10,404 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, 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 directly owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $1,081,500.00. Following the completion of 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 position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by corporate insiders.

State Street Stock Up 1.0 %

Shares of NYSE STT opened at $89.67 on Thursday. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The firm has a market cap of $25.87 billion, a PE ratio of 10.88, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. The company has a 50 day simple moving average of $94.85 and a 200 day simple moving average of $94.62.

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

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be paid a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date is Tuesday, April 1st. State Street’s dividend payout ratio is currently 36.89%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on STT shares. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. 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 research report on Tuesday, January 21st. Morgan Stanley reduced their target price on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. upgraded State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research note on Friday, December 20th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $103.00 price objective (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $102.07.

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.