Pine Valley Investments Ltd Liability Co Trims Stock Position in State Street Co. (NYSE:STT)

Pine Valley Investments Ltd Liability Co cut its stake in shares of State Street Co. (NYSE:STT) by 5.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,642 shares of the asset manager’s stock after selling 471 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in State Street were worth $750,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in STT. Adero Partners LLC raised its stake in shares of State Street by 3.6% during the 4th quarter. Adero Partners LLC now owns 2,900 shares of the asset manager’s stock worth $285,000 after buying an additional 100 shares in the last quarter. Peapack Gladstone Financial Corp raised its stake in shares of State Street by 2.0% during the 3rd 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 in the last quarter. Apollon Wealth Management LLC raised its stake 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 buying an additional 138 shares in 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 buying an additional 158 shares in the last quarter. Finally, ST Germain D J Co. Inc. raised its stake in shares of State Street by 6.7% during the 4th quarter. ST Germain D J Co. Inc. now owns 2,869 shares of the asset manager’s stock worth $282,000 after buying an additional 180 shares in the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

State Street Price Performance

Shares of NYSE:STT opened at $97.29 on Thursday. The business’s fifty day moving average price is $98.52 and its two-hundred day moving average price is $93.32. The stock has a market cap of $28.07 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. 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 Co. has a one year low of $70.20 and a one year high of $103.00.

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

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is 36.89%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on STT shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $103.00 target price (down from $104.00) on shares of State Street in a research note on Wednesday, January 22nd. Keefe, Bruyette & Woods raised State Street from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Barclays raised their price objective on State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Truist Financial dropped their price objective on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Finally, JPMorgan Chase & Co. raised State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research note on Friday, December 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $100.73.

Insider Transactions at State Street

In other news, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction on 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 $5,054,667.52. This trade represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $1,081,500.00. Following the completion of the transaction, the director now directly owns 100,023 shares in the company, 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. Insiders own 0.31% of the company’s stock.

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.