Benin Management CORP Lowers Holdings in State Street Co. (NYSE:STT)

Benin Management CORP decreased its holdings in State Street Co. (NYSE:STT) by 49.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,002 shares of the asset manager’s stock after selling 10,620 shares during the period. Benin Management CORP’s holdings in State Street were worth $1,080,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Benjamin F. Edwards & Company Inc. raised its position in shares of State Street by 5.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock valued at $186,000 after buying an additional 129 shares during the last quarter. Pacer Advisors Inc. increased its holdings in State Street by 4.6% in the 2nd quarter. Pacer Advisors Inc. now owns 20,939 shares of the asset manager’s stock valued at $1,549,000 after acquiring an additional 922 shares during the last quarter. Public Sector Pension Investment Board lifted its stake in State Street by 7.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 51,086 shares of the asset manager’s stock worth $3,780,000 after purchasing an additional 3,499 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of State Street by 57.0% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 57,837 shares of the asset manager’s stock valued at $4,280,000 after purchasing an additional 20,993 shares during the last quarter. Finally, Caxton Associates LP purchased a new position in shares of State Street during the second quarter valued at about $955,000. Institutional investors own 87.44% of the company’s stock.

Insider Activity

In related news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $97.97, for a total value of $1,224,625.00. Following the completion of the transaction, the executive vice president now owns 111,042 shares of the company’s stock, valued at $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on STT shares. StockNews.com raised State Street from a “hold” rating to a “buy” rating in a research note on Saturday. Truist Financial cut their target price on shares of State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday. Deutsche Bank Aktiengesellschaft reiterated 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. 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 report on Friday, December 20th. Finally, Morgan Stanley lowered their price target on shares of State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $100.73.

State Street Trading Up 1.6 %

Shares of STT opened at $99.09 on Friday. 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 firm has a market capitalization of $29.05 billion, a price-to-earnings ratio of 12.03, a PEG ratio of 1.11 and a beta of 1.43. The company has a 50-day moving average of $97.93 and a 200 day moving average of $90.18. State Street Co. has a 1-year low of $70.20 and a 1-year high of $101.91.

State Street (NYSE:STT) last posted its quarterly 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 $3,267,560 billion. During the same quarter in the previous year, the firm posted $2.04 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. On average, research analysts expect that State Street Co. will post 9.43 EPS for the current year.

State Street Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Thursday, January 2nd. State Street’s payout ratio is 36.89%.

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.