Wedge Capital Management L L P NC Sells 59,601 Shares of State Street Co. (NYSE:STT)

Wedge Capital Management L L P NC cut its position in shares of State Street Co. (NYSE:STT) by 13.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 395,805 shares of the asset manager’s stock after selling 59,601 shares during the period. Wedge Capital Management L L P NC’s holdings in State Street were worth $38,848,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. raised its stake in State Street by 21.0% during the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,395 shares of the asset manager’s stock valued at $917,000 after purchasing an additional 2,153 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of State Street by 10.2% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 34,774 shares of the asset manager’s stock valued at $2,573,000 after buying an additional 3,230 shares in the last quarter. XTX Topco Ltd grew its position in State Street by 646.9% in the second quarter. XTX Topco Ltd now owns 21,691 shares of the asset manager’s stock worth $1,605,000 after acquiring an additional 18,787 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in State Street by 5.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,514 shares of the asset manager’s stock worth $186,000 after acquiring an additional 129 shares during the last quarter. Finally, Bridges Investment Management Inc. lifted its stake in shares of State Street by 407.7% in the 2nd quarter. Bridges Investment Management Inc. now owns 36,679 shares of the asset manager’s stock valued at $2,714,000 after purchasing an additional 29,454 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Insider Transactions at State Street

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

State Street Price Performance

Shares of NYSE STT opened at $97.51 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.56 and a quick ratio of 0.56. The firm’s 50 day simple moving average is $97.67 and its 200-day simple moving average is $89.35. State Street Co. has a 12 month low of $70.20 and a 12 month high of $101.91. The stock has a market capitalization of $28.58 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 0.97 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 earnings per share for the quarter, topping analysts’ consensus estimates of $2.29 by $0.31. State Street had a net margin of 9.87% and a return on equity of 12.02%. The business had revenue of $3.41 billion during the quarter, compared to the consensus estimate of $3,267,560 billion. During the same quarter in the prior year, the firm posted $2.04 earnings per share. The company’s revenue was up 12.1% compared to the same quarter last year. Analysts expect that State Street Co. will post 8.45 EPS for the current year.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd were given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date was Thursday, January 2nd. State Street’s dividend payout ratio (DPR) is presently 48.03%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on STT shares. Evercore ISI boosted their target price on State Street from $89.00 to $94.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their target price on State Street from $108.00 to $118.00 and gave the company an “overweight” rating in a research note on Thursday, January 2nd. The Goldman Sachs Group increased their target price on shares of State Street from $98.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Barclays upped their target price on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Finally, Truist Financial assumed coverage on State Street in a report on Tuesday, January 7th. They issued a “hold” rating and a $106.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, State Street currently has a consensus rating of “Hold” and a consensus target price of $100.33.

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.