Thrivent Financial for Lutherans Trims Stake in State Street Co. (NYSE:STT)

Thrivent Financial for Lutherans cut its position in State Street Co. (NYSE:STT) by 1.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,036 shares of the asset manager’s stock after selling 239 shares during the quarter. Thrivent Financial for Lutherans’ holdings in State Street were worth $1,181,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in STT. Albion Financial Group UT purchased a new position in shares of State Street during the fourth quarter worth approximately $25,000. Y.D. More Investments Ltd boosted its stake in State Street by 116.6% during the 4th quarter. Y.D. More Investments Ltd now owns 366 shares of the asset manager’s stock worth $36,000 after purchasing an additional 197 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new position in State Street during the 4th quarter worth $42,000. Friedenthal Financial acquired a new position in State Street in the fourth quarter valued at $49,000. Finally, Hager Investment Management Services LLC purchased a new stake in shares of State Street in the fourth quarter valued at about $56,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Transactions at State Street

In related news, Director Gregory L. Summe sold 10,815 shares of State Street stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 100,023 shares in the company, valued at $10,002,300. The trade was a 9.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Ann Fogarty sold 3,705 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $99.47, for a total value of $368,536.35. Following the sale, the executive vice president now owns 50,816 shares in the company, valued at approximately $5,054,667.52. This trade represents a 6.80 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.31% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. StockNews.com cut State Street from a “buy” rating to a “hold” rating in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $103.00 target price (down previously from $104.00) on shares of State Street in a report on Wednesday, January 22nd. Wolfe Research raised State Street from an “underperform” rating to a “peer perform” rating in a report on Monday, January 27th. Truist Financial lowered their price objective 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. Finally, Citigroup cut their price objective on shares of State Street from $105.00 to $100.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $101.53.

State Street Stock Up 0.7 %

STT stock opened at $89.62 on Tuesday. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company has a market cap of $25.85 billion, a P/E ratio of 10.88, a P/E/G ratio of 1.11 and a beta of 1.44. The company’s 50-day moving average price is $95.20 and its 200 day moving average price is $94.61.

State Street (NYSE:STT) last released its quarterly earnings results 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. The business had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a return on equity of 12.60% and a net margin of 12.14%. The company’s revenue was up 12.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.04 EPS. On average, research analysts expect that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders 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 dividend yield of 3.39%. The ex-dividend date of this dividend is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is presently 36.89%.

State Street Company Profile

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.