Envestnet Portfolio Solutions Inc. Sells 1,498 Shares of State Street Co. (NYSE:STT)

Envestnet Portfolio Solutions Inc. cut its holdings in shares of State Street Co. (NYSE:STT) by 19.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,040 shares of the asset manager’s stock after selling 1,498 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in State Street were worth $593,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Flagship Harbor Advisors LLC purchased a new stake in State Street in the fourth quarter worth approximately $272,000. Charles Schwab Investment Management Inc. boosted its stake in shares of State Street by 0.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,874,936 shares of the asset manager’s stock worth $184,025,000 after buying an additional 10,404 shares during the last quarter. Janney Montgomery Scott LLC grew its holdings in shares of State Street by 11.1% in the fourth quarter. Janney Montgomery Scott LLC now owns 74,268 shares of the asset manager’s stock worth $7,289,000 after acquiring an additional 7,446 shares during the period. Merit Financial Group LLC purchased a new stake in State Street during the fourth quarter valued at $395,000. Finally, Raymond James Financial Inc. bought a new position in State Street in the fourth quarter valued at about $44,070,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

State Street Stock Up 2.6 %

Shares of STT opened at $92.87 on Tuesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $26.79 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 1.11 and a beta of 1.44. State Street Co. has a 1 year low of $70.20 and a 1 year high of $103.00. The business’s 50 day simple moving average is $95.90 and its 200-day simple moving average is $94.33.

State Street (NYSE:STT) last announced its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.31. The firm had revenue of $3.41 billion for the quarter, compared to analysts’ expectations of $3.27 billion. State Street had a net margin of 12.14% and a return on equity of 12.60%. The business’s revenue was up 12.1% compared to the same quarter last year. During the same period in the prior year, the company earned $2.04 EPS. As a group, equities analysts expect that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Tuesday, April 1st will be issued a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date is Tuesday, April 1st. State Street’s dividend payout ratio (DPR) is 36.89%.

Insider Activity

In other State Street news, Director Gregory L. Summe sold 10,815 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were 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 in the company, valued at $10,002,300. The trade was a 9.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Ann Fogarty sold 3,705 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $99.47, for a total transaction of $368,536.35. Following the completion of the sale, the executive vice president now owns 50,816 shares of the company’s stock, valued at $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.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Morgan Stanley reduced their price target on shares of State Street from $142.00 to $139.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Keefe, Bruyette & Woods upgraded shares of State Street from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $105.00 to $120.00 in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. raised shares of State Street from an “underweight” rating to a “neutral” rating and set a $95.00 price objective for the company in a research report on Friday, December 20th. Truist Financial cut their price target on State Street from $106.00 to $104.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. Finally, Barclays raised their price objective on State Street from $108.00 to $127.00 and gave the stock an “overweight” rating in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $101.87.

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.