Convergence Investment Partners LLC Lowers Stock Position in State Street Co. (NYSE:STT)

Convergence Investment Partners LLC cut its holdings in shares of State Street Co. (NYSE:STT) by 1.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,964 shares of the asset manager’s stock after selling 180 shares during the period. Convergence Investment Partners LLC’s holdings in State Street were worth $1,567,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Albion Financial Group UT purchased a new position in shares of State Street during the fourth quarter worth approximately $25,000. Y.D. More Investments Ltd grew its position in State Street by 116.6% in the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock valued at $36,000 after buying an additional 197 shares during the last quarter. Coastline Trust Co purchased a new position in State Street in the 3rd quarter valued at $44,000. Friedenthal Financial purchased a new position in State Street in the 4th quarter valued at $49,000. Finally, Hager Investment Management Services LLC purchased a new position in State Street in the 4th quarter valued at $56,000. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Up 1.2 %

NYSE:STT opened at $100.40 on Wednesday. The stock has a fifty day simple moving average of $98.59 and a 200-day simple moving average of $92.54. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00. The company has a market capitalization of $28.96 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03.

State Street (NYSE:STT) last announced its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.31. State Street had a net margin of 12.14% and a return on equity of 12.60%. The firm had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. During the same quarter in the previous year, the company posted $2.04 EPS. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities research analysts expect that State Street Co. will post 9.65 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were paid a $0.76 dividend. This represents a $3.04 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend was Thursday, January 2nd. State Street’s payout ratio is 36.89%.

Insider Activity at State Street

In other news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the completion of the sale, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.31% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lifted their price objective on shares of State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, January 2nd. Truist Financial lowered their price objective on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $103.00 price objective (down from $104.00) on shares of State Street in a research report on Wednesday, January 22nd. Wolfe Research upgraded shares of State Street from an “underperform” rating to a “peer perform” rating in a research report on Monday, January 27th. Finally, JPMorgan Chase & Co. upgraded shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 target price on the stock in a research report on Friday, December 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $100.73.

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.