Greenwich Wealth Management LLC Reduces Stock Position in State Street Co. (NYSE:STT)

Greenwich Wealth Management LLC trimmed its holdings in shares of State Street Co. (NYSE:STT) by 4.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,996 shares of the asset manager’s stock after selling 244 shares during the quarter. Greenwich Wealth Management LLC’s holdings in State Street were worth $490,000 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 STT. Adero Partners LLC lifted its stake in shares of State Street by 3.6% in the 4th quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock valued at $285,000 after purchasing an additional 100 shares during the last quarter. Peapack Gladstone Financial Corp lifted its position in State Street by 2.0% in the third quarter. Peapack Gladstone Financial Corp now owns 5,283 shares of the asset manager’s stock worth $467,000 after buying an additional 103 shares during the last quarter. Jacobi Capital Management LLC boosted its stake in State Street by 1.0% during the fourth quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager’s stock worth $1,201,000 after buying an additional 121 shares during the period. Moors & Cabot Inc. increased its position in State Street by 0.7% during the fourth quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager’s stock valued at $1,799,000 after acquiring an additional 131 shares during the last quarter. Finally, Apollon Wealth Management LLC raised its stake in shares of State Street by 1.4% in the fourth quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock valued at $986,000 after acquiring an additional 138 shares during the period. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Trading Up 2.9 %

NYSE STT opened at $86.90 on Monday. The company’s 50-day simple moving average is $96.69 and its two-hundred day simple moving average is $94.17. State Street Co. has a one year low of $70.20 and a one year high of $103.00. The company has a market capitalization of $25.07 billion, a price-to-earnings ratio of 10.55, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. 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 (NYSE:STT) last issued its quarterly earnings data on Friday, January 17th. The asset manager reported $2.60 EPS for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. The company had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. State Street’s revenue for the quarter was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.04 earnings per share. Equities analysts forecast that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is currently 36.89%.

Analysts Set New Price Targets

Several equities analysts recently commented on STT shares. StockNews.com downgraded shares of State Street from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Wells Fargo & Company increased their price target on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a report on Thursday, January 2nd. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $105.00 to $120.00 in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective on the stock in a research report on Friday, December 20th. Finally, Truist Financial lowered 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, January 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $101.20.

Insider Activity at State Street

In other 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 transaction of $1,081,500.00. Following the completion of the sale, the director now owns 100,023 shares in the company, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total value of $368,536.35. Following the transaction, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.31% of the stock is owned by corporate insiders.

About State Street

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.