Twin Capital Management Inc. Acquires 834 Shares of State Street Co. (NYSE:STT)

Twin Capital Management Inc. grew its position in State Street Co. (NYSE:STT) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,939 shares of the asset manager’s stock after purchasing an additional 834 shares during the quarter. Twin Capital Management Inc.’s holdings in State Street were worth $2,448,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. IHT Wealth Management LLC bought a new stake in State Street in the 3rd quarter valued at $364,000. Royal London Asset Management Ltd. grew its position in State Street by 2.8% during the third quarter. Royal London Asset Management Ltd. now owns 124,490 shares of the asset manager’s stock worth $10,919,000 after buying an additional 3,376 shares in the last quarter. Quantinno Capital Management LP increased its stake in State Street by 35.1% during the third quarter. Quantinno Capital Management LP now owns 58,619 shares of the asset manager’s stock valued at $5,186,000 after acquiring an additional 15,235 shares during the period. Wellington Management Group LLP raised its holdings in State Street by 818.1% in the 3rd quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock valued at $45,889,000 after acquiring an additional 462,201 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC acquired a new position in shares of State Street in the third quarter valued at $4,315,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on STT shares. Bank of America lifted their price target on shares of State Street from $98.00 to $99.00 and gave the stock an “underperform” rating in a research note on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 price target (down previously from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Truist Financial lowered 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. Barclays upped their price target on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Citigroup cut their price objective on State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, March 24th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $101.07.

State Street Stock Down 8.0 %

Shares of State Street stock opened at $76.23 on Monday. 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 company has a market capitalization of $21.99 billion, a P/E ratio of 9.25, a price-to-earnings-growth ratio of 1.11 and a beta of 1.42. The business has a 50-day moving average of $94.09 and a two-hundred day moving average of $94.58.

State Street (NYSE:STT) last announced its earnings results on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s quarterly revenue was up 12.1% on a year-over-year basis. During the same period last year, the company posted $2.04 EPS. As a group, equities analysts predict that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

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

Insiders Place Their Bets

In related news, Director Gregory L. Summe sold 10,815 shares of the company’s stock in a transaction dated 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 sale, the director now owns 100,023 shares of the company’s stock, valued at $10,002,300. This represents a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

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.