Diversify Advisory Services LLC Reduces Stock Position in State Street Co. (NYSE:STT)

Diversify Advisory Services LLC lowered its position in State Street Co. (NYSE:STT) by 18.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,462 shares of the asset manager’s stock after selling 1,267 shares during the period. Diversify Advisory Services LLC’s holdings in State Street were worth $513,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Coastline Trust Co acquired a new stake in State Street in the third quarter valued at $44,000. Friedenthal Financial acquired a new stake in State Street in the 4th quarter valued at about $49,000. Capital Performance Advisors LLP acquired a new stake in State Street in the 3rd quarter valued at about $54,000. Versant Capital Management Inc raised its position in State Street by 37.0% during the fourth quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock worth $72,000 after acquiring an additional 197 shares during the last quarter. Finally, Tobam purchased a new stake in shares of State Street in the third quarter valued at about $77,000. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the sale, the executive vice president now directly owns 111,042 shares of the company’s stock, valued at approximately $10,878,784.74. This represents a 10.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.31% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Morgan Stanley cut their price objective on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research report on Friday, January 3rd. Deutsche Bank Aktiengesellschaft boosted their price target on State Street from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Evercore ISI increased their price objective on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. 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 research note on Tuesday. Finally, Barclays raised their price target on shares of State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus target price of $100.20.

State Street Stock Performance

Shares of STT opened at $98.93 on Wednesday. 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 52 week low of $70.20 and a 52 week high of $101.91. The company’s 50 day moving average price is $97.74 and its 200 day moving average price is $89.90. The company has a market capitalization of $29.00 billion, a PE ratio of 12.01, a PEG ratio of 1.07 and a beta of 1.43.

State Street (NYSE:STT) last issued its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.31. The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3,267,560 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.04 EPS. Research analysts expect that State Street Co. will post 9.55 EPS for the current fiscal year.

State Street Announces Dividend

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