Pinebridge Investments L.P. Increases Stock Position in State Street Co. (NYSE:STT)

Pinebridge Investments L.P. lifted its position in shares of State Street Co. (NYSE:STT) by 17.3% during the fourth quarter, Holdings Channel reports. The firm owned 586,161 shares of the asset manager’s stock after acquiring an additional 86,299 shares during the quarter. Pinebridge Investments L.P.’s holdings in State Street were worth $57,532,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in STT. Norges Bank acquired a new position in State Street during the fourth quarter worth approximately $161,021,000. Price T Rowe Associates Inc. MD boosted its stake in State Street by 236.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,309,130 shares of the asset manager’s stock worth $226,642,000 after purchasing an additional 1,622,408 shares during the period. FMR LLC grew its position in State Street by 14.2% during the 4th quarter. FMR LLC now owns 6,983,607 shares of the asset manager’s stock worth $685,441,000 after purchasing an additional 870,849 shares during the last quarter. Amundi raised its holdings in shares of 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 buying an additional 561,773 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of State Street during the fourth quarter worth about $44,070,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

STT has been the subject of a number of recent research reports. Truist Financial decreased their price objective on State Street from $89.00 to $85.00 and set a “hold” rating for the company in a research report on Monday. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Morgan Stanley lowered their price objective on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a report on Wednesday, April 2nd. Finally, Evercore ISI reduced their price target on State Street from $109.00 to $106.00 and set an “outperform” rating for the company in a report on Tuesday, April 1st. One investment 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $102.15.

Insider Buying and Selling at State Street

In other State Street news, Director Gregory L. Summe sold 10,815 shares of State Street 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 approximately $10,002,300. The trade was a 9.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on Tuesday, February 18th. The stock was 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 approximately $5,054,667.52. This represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is owned by insiders.

State Street Price Performance

State Street stock opened at $83.74 on Wednesday. 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 firm’s 50-day simple moving average is $88.58 and its 200 day simple moving average is $93.70. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The firm has a market capitalization of $24.17 billion, a PE ratio of 10.16, a P/E/G ratio of 1.11 and a beta of 1.42.

State Street (NYSE:STT) last issued its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.06. The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. During the same period in the previous year, the firm posted $1.69 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 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 3.63%. The ex-dividend date of this dividend was Tuesday, April 1st. State Street’s payout ratio is 34.12%.

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.