Mutual of America Capital Management LLC Decreases Stake in State Street Co. (NYSE:STT)

Mutual of America Capital Management LLC lessened its stake in shares of State Street Co. (NYSE:STT) by 4.5% during the 4th quarter, Holdings Channel reports. The fund owned 35,120 shares of the asset manager’s stock after selling 1,654 shares during the quarter. Mutual of America Capital Management LLC’s holdings in State Street were worth $3,447,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of STT. Hotchkis & Wiley Capital Management LLC raised its holdings in shares of State Street by 30.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after acquiring an additional 1,354,560 shares during the period. FMR LLC raised its holdings in shares of State Street by 15.8% during the 3rd quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after acquiring an additional 833,679 shares during the period. Wellington Management Group LLP raised its holdings in shares of State Street by 818.1% during the 3rd quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock worth $45,889,000 after acquiring an additional 462,201 shares during the period. National Bank of Canada FI raised its holdings in shares of State Street by 99.4% during the 3rd quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock worth $78,574,000 after acquiring an additional 442,725 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of State Street by 13.8% during the 3rd quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after acquiring an additional 408,792 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on STT. StockNews.com upgraded State Street from a “hold” rating to a “buy” rating in a report on Thursday, February 27th. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Barclays raised their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research report on Monday, January 6th. Truist Financial cut their price objective on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research report on Tuesday, January 21st. Finally, JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research report on Friday, December 20th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $100.73.

Insider Transactions at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was 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. The trade was a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction dated 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 represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

State Street Stock Performance

NYSE STT opened at $92.63 on Thursday. The company has a market cap of $26.72 billion, a P/E ratio of 11.24, a P/E/G ratio of 1.11 and a beta of 1.44. 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 stock has a 50-day moving average of $98.28 and a two-hundred day moving average of $93.89. State Street Co. has a 1-year low of $70.20 and a 1-year high of $103.00.

State Street (NYSE:STT) last released 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 return on equity of 12.60% and a net margin of 12.14%. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. During the same period in the previous year, the company posted $2.04 EPS. State Street’s revenue was up 12.1% compared to the same quarter last year. As a group, analysts anticipate that State Street Co. will post 9.68 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.28%. The ex-dividend date is Tuesday, April 1st. State Street’s dividend payout ratio is presently 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.