Summit Securities Group LLC Acquires New Position in State Street Co. (NYSE:STT)

Summit Securities Group LLC bought a new position in State Street Co. (NYSE:STT) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 700 shares of the asset manager’s stock, valued at approximately $69,000.

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on STT. Truist Financial lowered their price objective on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Wolfe Research raised shares of State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. Morgan Stanley dropped their target price on State Street from $142.00 to $139.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 price target (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $101.53.

Insider Buying and Selling at State Street

In other State Street news, EVP Ann Fogarty sold 3,705 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 50,816 shares of the company’s stock, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, 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 transaction of $1,081,500.00. Following the completion of the sale, the director now directly owns 100,023 shares in the company, valued at $10,002,300. This trade represents a 9.76 % 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 Stock Performance

STT opened at $88.95 on Monday. The company 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. 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 moving average price is $95.35 and its 200-day moving average price is $94.56. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00.

State Street (NYSE:STT) last issued its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the prior year, the business posted $2.04 EPS. State Street’s revenue for the quarter was up 12.1% compared to the same quarter last year. As a group, equities analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.42%. State Street’s dividend payout ratio is currently 36.89%.

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.