Renaissance Technologies LLC Sells 135,700 Shares of State Street Co. (NYSE:STT)

Renaissance Technologies LLC decreased its holdings in shares of State Street Co. (NYSE:STT) by 50.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 131,431 shares of the asset manager’s stock after selling 135,700 shares during the quarter. Renaissance Technologies LLC’s holdings in State Street were worth $12,900,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Albion Financial Group UT acquired a new position in State Street during the fourth quarter worth $25,000. Y.D. More Investments Ltd increased its holdings in shares of State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after acquiring an additional 197 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of State Street in the 4th quarter valued at approximately $42,000. Loomis Sayles & Co. L P lifted its holdings in State Street by 187.3% in the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock worth $47,000 after purchasing an additional 311 shares during the last quarter. Finally, Friedenthal Financial bought a new stake in State Street during the fourth quarter worth approximately $49,000. Institutional investors own 87.44% of the company’s stock.

State Street Trading Up 0.5 %

Shares of STT stock opened at $81.35 on Wednesday. The firm has a fifty day moving average of $90.31 and a 200-day moving average of $93.89. The stock has a market cap of $23.48 billion, a price-to-earnings ratio of 9.87, a P/E/G ratio of 1.11 and a beta of 1.42. 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 posted its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion during 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%. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.04 earnings per share. On average, equities research analysts forecast that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were paid a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.74%. The ex-dividend date of this dividend was Tuesday, April 1st. State Street’s dividend payout ratio is 36.89%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on STT shares. Truist Financial reduced their price objective on shares of State Street from $104.00 to $89.00 and set a “hold” rating for the company in a research note on Friday, April 4th. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Citigroup dropped their price objective on State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Barclays increased their target price on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Finally, Bank of America lifted their price target on State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research report on Wednesday, April 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, State Street currently has an average rating of “Hold” and an average price target of $103.69.

Insider Buying and Selling at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. The trade was a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the firm’s stock in a transaction that occurred on 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 approximately $10,002,300. The trade was a 9.76 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

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.