Forbes J M & Co. LLP Sells 843 Shares of State Street Co. (NYSE:STT)

Forbes J M & Co. LLP cut its stake in shares of State Street Co. (NYSE:STT) by 16.5% in the fourth quarter, Holdings Channel reports. The fund owned 4,269 shares of the asset manager’s stock after selling 843 shares during the period. Forbes J M & Co. LLP’s holdings in State Street were worth $419,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in STT. Adero Partners LLC increased its position in shares of State Street by 3.6% in the fourth quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock valued at $285,000 after acquiring an additional 100 shares during the last quarter. Peapack Gladstone Financial Corp grew its stake 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 valued at $467,000 after purchasing an additional 103 shares in the last quarter. Apollon Wealth Management LLC increased its position in shares of State Street by 1.4% during the 4th quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock worth $986,000 after purchasing an additional 138 shares during the last quarter. Empirical Finance LLC raised its stake in shares of State Street by 1.4% during the 3rd quarter. Empirical Finance LLC now owns 11,268 shares of the asset manager’s stock worth $997,000 after purchasing an additional 158 shares in the last quarter. Finally, ST Germain D J Co. Inc. boosted its holdings in shares of State Street by 6.7% in the 4th quarter. ST Germain D J Co. Inc. now owns 2,869 shares of the asset manager’s stock valued at $282,000 after buying an additional 180 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Activity

In other news, EVP Kathryn M. Horgan sold 12,500 shares of State Street 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 transaction, the executive vice president now owns 111,042 shares in the company, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.31% of the company’s stock.

State Street Price Performance

Shares of STT stock opened at $99.44 on Friday. The business has a fifty day simple moving average of $98.53 and a 200 day simple moving average of $91.70. The company has a market cap of $29.15 billion, a P/E ratio of 12.07, a P/E/G ratio of 1.12 and a beta of 1.43. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. State Street Co. has a twelve month low of $70.20 and a twelve month high of $103.00.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) 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 company had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same period in the previous year, the firm posted $2.04 EPS. The firm’s revenue was up 12.1% on a year-over-year basis. On average, sell-side analysts forecast that State Street Co. will post 9.6 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Thursday, January 2nd were given a $0.76 dividend. The ex-dividend date was Thursday, January 2nd. This represents a $3.04 annualized dividend and a yield of 3.06%. State Street’s dividend payout ratio is presently 36.89%.

Analyst Ratings Changes

Several analysts have issued reports on STT shares. Truist Financial dropped their price target on shares of State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research report on Tuesday, January 21st. Evercore ISI upped their target price on shares of State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $105.00 to $120.00 in a report on Tuesday, December 3rd. Barclays lifted their target price on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. Finally, Morgan Stanley cut their price target on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $100.73.

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.