Livingston Group Asset Management CO operating as Southport Capital Management lessened its holdings in shares of State Street Co. (NYSE:STT) by 5.7% in the fourth quarter, HoldingsChannel reports. The fund owned 3,416 shares of the asset manager’s stock after selling 205 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in State Street were worth $249,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Wedge Capital Management L L P NC raised its stake in shares of State Street by 8.4% in the 4th quarter. Wedge Capital Management L L P NC now owns 325,385 shares of the asset manager’s stock worth $23,682,000 after buying an additional 25,168 shares in the last quarter. Fulton Bank N.A. acquired a new stake in shares of State Street in the fourth quarter worth $257,000. Exchange Traded Concepts LLC lifted its position in State Street by 19,603.4% in the third quarter. Exchange Traded Concepts LLC now owns 34,284 shares of the asset manager’s stock worth $2,034,000 after purchasing an additional 34,110 shares during the period. Metropolis Capital Ltd lifted its position in State Street by 3.4% in the fourth quarter. Metropolis Capital Ltd now owns 1,700,914 shares of the asset manager’s stock worth $123,793,000 after purchasing an additional 55,227 shares during the period. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its holdings in shares of State Street by 51.0% during the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 8,340 shares of the asset manager’s stock valued at $495,000 after acquiring an additional 2,815 shares during the period. Institutional investors own 90.33% of the company’s stock.
STT has been the subject of a number of research reports. The Goldman Sachs Group lowered State Street from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $77.00 to $75.00 in a research report on Tuesday, January 5th. Wolfe Research lowered State Street from a “market perform” rating to an “underperform” rating and boosted their target price for the stock from $72.00 to $77.00 in a report on Tuesday, January 5th. Deutsche Bank Aktiengesellschaft raised State Street from a “hold” rating to a “buy” rating and upped their price objective for the company from $67.00 to $80.00 in a report on Wednesday, November 11th. Piper Sandler increased their target price on State Street from $69.00 to $81.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Credit Suisse Group raised their target price on State Street from $68.00 to $78.00 and gave the stock a “neutral” rating in a research note on Friday, December 11th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $79.31.
STT opened at $78.66 on Thursday. The firm has a market cap of $27.75 billion, a P/E ratio of 11.81, a P/E/G ratio of 2.04 and a beta of 1.54. State Street Co. has a 12 month low of $42.10 and a 12 month high of $85.89. The company has a current ratio of 0.50, a quick ratio of 0.54 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average of $73.36 and a 200 day moving average of $66.94.
State Street (NYSE:STT) last announced its quarterly earnings data on Friday, October 16th. The asset manager reported $1.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.04. State Street had a net margin of 20.75% and a return on equity of 12.24%. The business had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the firm earned $1.51 earnings per share. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, research analysts forecast that State Street Co. will post 6.55 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 19th. Investors of record on Monday, January 4th will be issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 2.64%. The ex-dividend date is Thursday, December 31st. State Street’s payout ratio is 33.71%.
State Street Company Profile
State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. It offers investment servicing products and services, including custody; product and participant level accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage, and other trading services; securities finance; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.
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