Fulton Bank N.A. Decreases Holdings in State Street Co. (NYSE:STT)

Fulton Bank N.A. reduced its position in State Street Co. (NYSE:STT) by 6.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,182 shares of the asset manager’s stock after selling 376 shares during the period. Fulton Bank N.A.’s holdings in State Street were worth $509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of STT. Ashton Thomas Private Wealth LLC bought a new stake in shares of State Street during the 2nd quarter valued at about $27,000. Coastline Trust Co bought a new stake in State Street during the third quarter valued at approximately $44,000. Capital Performance Advisors LLP purchased a new stake in State Street during the third quarter valued at approximately $54,000. Versant Capital Management Inc boosted its stake in shares of State Street by 37.0% during the 4th quarter. Versant Capital Management Inc now owns 730 shares of the asset manager’s stock worth $72,000 after acquiring an additional 197 shares during the last quarter. Finally, Tobam bought a new stake in shares of State Street during the 3rd quarter valued at $77,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Insider Activity

In related news, EVP John Plansky sold 13,859 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $91.32, for a total value of $1,265,603.88. Following the completion of the sale, the executive vice president now directly owns 55,108 shares in the company, valued at $5,032,462.56. This trade represents a 20.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $97.97, for a total transaction of $1,224,625.00. Following the transaction, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. This trade represents a 10.12 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,460 shares of company stock worth $2,499,860. 0.31% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

STT has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lifted their target price on State Street from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Keefe, Bruyette & Woods upgraded State Street from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Morgan Stanley decreased their target price on shares of State Street from $139.00 to $132.00 and set an “overweight” rating on the stock in a research note on Friday, January 3rd. Wells Fargo & Company upped their price target on shares of State Street from $108.00 to $118.00 and gave the stock an “overweight” rating in a research report on Thursday, January 2nd. Finally, Truist Financial started coverage on shares of State Street in a research report on Tuesday. They set a “hold” rating and a $106.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, State Street currently has an average rating of “Hold” and an average target price of $100.33.

State Street Stock Performance

NYSE STT opened at $97.68 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. State Street Co. has a 1-year low of $70.20 and a 1-year high of $101.91. The business has a 50 day simple moving average of $97.39 and a two-hundred day simple moving average of $88.53. The stock has a market capitalization of $28.63 billion, a PE ratio of 15.43, a P/E/G ratio of 1.24 and a beta of 1.43.

State Street (NYSE:STT) last posted its earnings results on Tuesday, October 15th. The asset manager reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.14. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $3.19 billion. State Street had a net margin of 9.87% and a return on equity of 12.02%. State Street’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period last year, the firm posted $1.93 earnings per share. On average, research analysts predict that State Street Co. will post 8.42 EPS for the current fiscal year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, January 13th. Stockholders of record on Thursday, January 2nd will be given a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend is Thursday, January 2nd. State Street’s dividend payout ratio is 48.03%.

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.