HBK Sorce Advisory LLC Has $1.15 Million Holdings in State Street Co. (NYSE:STT)

HBK Sorce Advisory LLC decreased its position in shares of State Street Co. (NYSE:STT) by 30.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,662 shares of the asset manager’s stock after selling 5,061 shares during the period. HBK Sorce Advisory LLC’s holdings in State Street were worth $1,145,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. Assetmark Inc. increased its holdings in State Street by 4.0% during the 3rd quarter. Assetmark Inc. now owns 5,193 shares of the asset manager’s stock valued at $459,000 after purchasing an additional 201 shares in the last quarter. Apollon Wealth Management LLC grew its holdings in shares of State Street by 2.5% during the third quarter. Apollon Wealth Management LLC now owns 9,912 shares of the asset manager’s stock worth $877,000 after purchasing an additional 241 shares during the last quarter. Plato Investment Management Ltd increased its stake in shares of State Street by 19.4% in the third quarter. Plato Investment Management Ltd now owns 28,014 shares of the asset manager’s stock valued at $2,476,000 after buying an additional 4,556 shares in the last quarter. KBC Group NV raised its holdings in shares of State Street by 20.5% in the third quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock valued at $6,607,000 after buying an additional 12,707 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. lifted its position in State Street by 29.1% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 1,028,149 shares of the asset manager’s stock worth $90,960,000 after buying an additional 231,504 shares in the last quarter. Institutional investors own 87.44% of the company’s stock.

State Street Price Performance

Shares of STT opened at $84.23 on Friday. The firm has a market capitalization of $24.30 billion, a PE ratio of 10.22, a P/E/G ratio of 1.11 and a beta of 1.44. State Street Co. has a 52-week low of $70.20 and a 52-week high of $103.00. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.56. The stock has a 50 day simple moving average of $96.91 and a 200 day simple moving average of $94.03.

State Street (NYSE:STT) last posted its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. State Street’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.04 earnings per share. Sell-side analysts predict that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.76 per share. The ex-dividend date is Tuesday, April 1st. This represents a $3.04 annualized dividend and a yield of 3.61%. State Street’s dividend payout ratio (DPR) is presently 36.89%.

Insider Transactions at State Street

In related news, EVP Ann Fogarty sold 3,705 shares of the company’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 sale, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were 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 $10,002,300. This trade represents a 9.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on STT shares. Barclays raised their price objective on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. Truist Financial reduced their price objective on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 target price (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Finally, Morgan Stanley dropped their price target on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, State Street currently has an average rating of “Hold” and an average price target of $101.20.

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.