Grantham Mayo Van Otterloo & Co. LLC Decreases Stake in State Street Co. (NYSE:STT)

Grantham Mayo Van Otterloo & Co. LLC trimmed its holdings in shares of State Street Co. (NYSE:STT) by 6.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 160,598 shares of the asset manager’s stock after selling 11,815 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC owned 0.05% of State Street worth $15,763,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Resona Asset Management Co. Ltd. acquired a new position in shares of State Street in the 4th quarter valued at approximately $8,667,000. Westpac Banking Corp raised its holdings in State Street by 2.2% in the fourth quarter. Westpac Banking Corp now owns 54,173 shares of the asset manager’s stock valued at $5,317,000 after acquiring an additional 1,165 shares in the last quarter. Bryce Point Capital LLC bought a new position in State Street during the 4th quarter valued at $581,000. Huntington National Bank grew its holdings in State Street by 1.3% during the 4th quarter. Huntington National Bank now owns 11,671 shares of the asset manager’s stock worth $1,146,000 after acquiring an additional 150 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA bought a new stake in shares of State Street in the 4th quarter worth about $205,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of State Street stock in a transaction 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 in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction 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 owns 100,023 shares of the company’s stock, valued at approximately $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 owned by corporate insiders.

State Street Stock Performance

Shares of NYSE STT opened at $76.23 on Monday. State Street Co. has a 12-month low of $70.20 and a 12-month high of $103.00. The company has a market cap of $21.99 billion, a PE ratio of 9.25, a P/E/G ratio of 1.11 and a beta of 1.42. The stock has a 50 day simple moving average of $94.09 and a 200-day simple moving average of $94.58. 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 (NYSE:STT) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.04 EPS. On average, equities research analysts forecast that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be given a $0.76 dividend. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.99%. State Street’s dividend payout ratio is presently 36.89%.

Analysts Set New Price Targets

Several equities analysts have recently commented on STT shares. Evercore ISI reduced their price target on shares of State Street from $109.00 to $106.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 1st. Wells Fargo & Company decreased their target price on State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. Bank of America boosted their price target on State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a report on Wednesday, April 2nd. Truist Financial reduced their price objective on State Street from $104.00 to $89.00 and set a “hold” rating on the stock in a research note on Friday. Finally, Morgan Stanley lowered their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $101.07.

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.