C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Invests $37.03 Million in State Street Co. (NYSE:STT)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in State Street Co. (NYSE:STT) during the 4th quarter, HoldingsChannel reports. The fund purchased 377,235 shares of the asset manager’s stock, valued at approximately $37,026,000. State Street makes up approximately 1.7% of C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors’ investment portfolio, making the stock its 12th largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Flagship Harbor Advisors LLC purchased a new stake in shares of State Street in the fourth quarter valued at approximately $272,000. KBC Group NV increased its stake in shares of State Street by 20.5% in the 3rd quarter. KBC Group NV now owns 74,680 shares of the asset manager’s stock worth $6,607,000 after acquiring an additional 12,707 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of State Street by 11.1% in the 4th 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 last quarter. Merit Financial Group LLC purchased a new position in shares of State Street during the 4th quarter worth $395,000. Finally, Asset Management One Co. Ltd. increased its position in State Street by 17.3% during the third quarter. Asset Management One Co. Ltd. now owns 137,040 shares of the asset manager’s stock worth $12,124,000 after purchasing an additional 20,183 shares during the last quarter. 87.44% of the stock is currently owned by institutional investors and hedge funds.

State Street Price Performance

State Street stock opened at $98.23 on Thursday. The company’s 50 day moving average is $98.55 and its two-hundred day moving average is $92.01. The firm has a market cap of $28.80 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 1.12 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 Co. has a 52-week low of $70.20 and a 52-week high of $103.00.

State Street (NYSE:STT) last released its earnings results on Friday, January 17th. The asset manager reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $3.27 billion. During the same period last year, the business posted $2.04 earnings per share. State Street’s revenue was up 12.1% compared to the same quarter last year. On average, research analysts expect that State Street Co. will post 9.6 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Investors of record on Thursday, January 2nd were paid a dividend of $0.76 per share. The ex-dividend date was Thursday, January 2nd. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.09%. State Street’s payout ratio is 36.89%.

Analysts Set New Price Targets

Several research firms have recently weighed in on STT. Keefe, Bruyette & Woods raised shares of State Street from a “market perform” rating to an “outperform” rating and increased their price target for the company from $105.00 to $120.00 in a research note on Tuesday, December 3rd. Morgan Stanley lowered their price objective on State Street from $139.00 to $132.00 and set an “overweight” rating for the company in a research report on Friday, January 3rd. Truist Financial decreased their price target 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. 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 report on Friday, December 20th. Finally, Barclays boosted their price objective on shares of State Street from $108.00 to $127.00 and gave the company an “overweight” rating in a report on Monday, January 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $100.73.

Insider Activity at State Street

In other State Street news, EVP Kathryn M. Horgan sold 12,500 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 111,042 shares in the company, valued at $10,878,784.74. The trade was a 10.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.31% of the stock is owned by corporate insiders.

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.