Bryn Mawr Capital Management LLC Reduces Holdings in State Street Co. (NYSE:STT)

Bryn Mawr Capital Management LLC trimmed its position in shares of State Street Co. (NYSE:STT) by 63.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,965 shares of the asset manager’s stock after selling 6,821 shares during the quarter. Bryn Mawr Capital Management LLC’s holdings in State Street were worth $389,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in STT. Hotchkis & Wiley Capital Management LLC increased its position in shares of State Street by 30.4% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 5,811,415 shares of the asset manager’s stock worth $514,136,000 after purchasing an additional 1,354,560 shares in the last quarter. FMR LLC boosted its stake in State Street by 15.8% during the third quarter. FMR LLC now owns 6,112,758 shares of the asset manager’s stock worth $540,796,000 after buying an additional 833,679 shares during the last quarter. Wellington Management Group LLP boosted its stake in State Street by 818.1% during the third quarter. Wellington Management Group LLP now owns 518,697 shares of the asset manager’s stock worth $45,889,000 after buying an additional 462,201 shares during the last quarter. National Bank of Canada FI boosted its stake in State Street by 99.4% during the third quarter. National Bank of Canada FI now owns 888,146 shares of the asset manager’s stock worth $78,574,000 after buying an additional 442,725 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in State Street by 13.8% during the third quarter. Franklin Resources Inc. now owns 3,366,549 shares of the asset manager’s stock worth $306,116,000 after buying an additional 408,792 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

State Street Stock Performance

Shares of State Street stock opened at $98.74 on Friday. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The business’s fifty day simple moving average is $98.55 and its 200-day simple moving average is $92.79. The firm has a market cap of $28.48 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 1.11 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 (NYSE:STT) last posted its earnings results 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 firm had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.27 billion. During the same quarter in the prior year, the company earned $2.04 EPS. State Street’s revenue was up 12.1% on a year-over-year basis. Equities analysts forecast that State Street Co. will post 9.65 earnings per share for the current year.

State Street Dividend Announcement

The company also recently announced 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 annualized dividend and a yield of 3.08%. The ex-dividend date is Tuesday, April 1st. State Street’s payout ratio is 36.89%.

Insider Buying and Selling

In related news, Director Gregory L. Summe sold 10,815 shares of the stock in a transaction dated 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 transaction, the director now owns 100,023 shares of the company’s stock, valued at approximately $10,002,300. This represents a 9.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kathryn M. Horgan sold 12,500 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $97.97, for a total value of $1,224,625.00. Following the transaction, the executive vice president now directly owns 111,042 shares in the company, valued at approximately $10,878,784.74. The trade was a 10.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,020 shares of company stock valued at $2,674,661. Corporate insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

STT has been the topic of a number of recent research reports. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a research note on Monday, January 27th. StockNews.com lowered State Street from a “buy” rating to a “hold” rating in a research note on Friday, February 14th. Morgan Stanley lowered their price objective on State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Friday, January 3rd. Truist Financial lowered their price objective on State Street from $106.00 to $104.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. Finally, Wells Fargo & Company boosted their price objective on State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research note on Thursday, January 2nd. One 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. According to MarketBeat, the company 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.