Life Planning Partners Inc Acquires Shares of 100,702 State Street Co. (NYSE:STT)

Life Planning Partners Inc acquired a new position in shares of State Street Co. (NYSE:STT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 100,702 shares of the asset manager’s stock, valued at approximately $9,884,000. State Street accounts for 1.4% of Life Planning Partners Inc’s holdings, making the stock its 21st largest holding.

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

Insider Activity at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction 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 completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total transaction of $368,536.35. Following the sale, the executive vice president now directly owns 50,816 shares in the company, valued at $5,054,667.52. This trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by company insiders.

State Street Trading Down 3.1 %

Shares of NYSE STT opened at $88.95 on Friday. The firm has a 50 day moving average price of $95.35 and a two-hundred day moving average price of $94.48. The stock has a market cap of $25.66 billion, a P/E ratio of 10.80, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. 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 data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.04 earnings per share. As a group, equities analysts forecast that State Street Co. will post 9.68 EPS for the current year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors 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 3.42%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio is currently 36.89%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on STT. Truist Financial cut their target price on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $103.00 price objective (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Morgan Stanley dropped their target price on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price target on the stock in a research report on Friday, December 20th. Finally, Citigroup decreased their price objective on shares of State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $101.53.

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.