First Manhattan CO. LLC. Makes New $200,000 Investment in State Street Co. (NYSE:STT)

First Manhattan CO. LLC. acquired a new stake in shares of State Street Co. (NYSE:STT) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,041 shares of the asset manager’s stock, valued at approximately $200,000.

Several other hedge funds have also recently made changes to their positions in the company. Albion Financial Group UT acquired a new stake in shares of State Street during the fourth quarter worth about $25,000. Y.D. More Investments Ltd increased its holdings 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 worth $36,000 after buying an additional 197 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new position in State Street during the 4th quarter worth approximately $42,000. Coppell Advisory Solutions LLC lifted its stake in State Street by 2,942.9% during the 4th quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager’s stock valued at $42,000 after acquiring an additional 412 shares during the period. Finally, Loomis Sayles & Co. L P lifted its stake in State Street by 187.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager’s stock valued at $47,000 after acquiring an additional 311 shares during the period. 87.44% of the stock is owned by institutional investors and hedge funds.

Insider Activity at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $100.00, for a total value of $1,081,500.00. Following the transaction, the director now directly owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This trade represents a 9.76% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Elizabeth Schaefer sold 1,300 shares of the business’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total value of $117,936.00. Following the sale, the chief accounting officer now owns 7,354 shares of the company’s stock, valued at $667,154.88. The trade was a 15.02% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,820 shares of company stock valued at $1,567,972. 0.29% of the stock is owned by corporate insiders.

State Street Stock Performance

Shares of STT opened at $95.99 on Tuesday. The stock has a market capitalization of $27.37 billion, a P/E ratio of 11.65, a P/E/G ratio of 1.11 and a beta of 1.42. 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 Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The company’s fifty day moving average is $86.42 and its two-hundred day moving average is $93.68.

State Street (NYSE:STT) last announced its quarterly earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.30 billion. During the same quarter last year, the firm posted $1.69 EPS. On average, sell-side analysts predict that State Street Co. will post 9.68 earnings per share for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 11th. Investors of record on Tuesday, April 1st were given a dividend of $0.76 per share. The ex-dividend date was Tuesday, April 1st. This represents a $3.04 annualized dividend and a dividend yield of 3.17%. State Street’s dividend payout ratio is currently 34.12%.

Analysts Set New Price Targets

Several equities research analysts have commented on STT shares. StockNews.com lowered shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Bank of America boosted their price objective on State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a report on Wednesday, April 2nd. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Barclays reduced their price target on State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Finally, Truist Financial lowered their price objective on State Street from $89.00 to $85.00 and set a “hold” rating on the stock in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, State Street has an average rating of “Hold” and a consensus price target of $102.15.

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.