GC Wealth Management RIA LLC Acquires New Position in State Street Corporation $STT

GC Wealth Management RIA LLC acquired a new stake in State Street Corporation (NYSE:STT) in the 2nd quarter, Holdings Channel reports. The fund acquired 3,430 shares of the asset manager’s stock, valued at approximately $365,000.

A number of other institutional investors also recently bought and sold shares of STT. Eastern Bank raised its position in State Street by 6,967.4% during the 1st quarter. Eastern Bank now owns 2,989,452 shares of the asset manager’s stock worth $267,646,000 after buying an additional 2,947,153 shares during the last quarter. Nuveen LLC purchased a new position in State Street during the 1st quarter worth approximately $93,016,000. Invesco Ltd. raised its position in State Street by 9.0% during the 1st quarter. Invesco Ltd. now owns 8,184,690 shares of the asset manager’s stock worth $732,775,000 after buying an additional 674,120 shares during the last quarter. Miller Howard Investments Inc. NY purchased a new position in State Street during the 1st quarter worth approximately $42,504,000. Finally, Allianz Asset Management GmbH raised its position in State Street by 404.7% during the 1st quarter. Allianz Asset Management GmbH now owns 586,052 shares of the asset manager’s stock worth $52,469,000 after buying an additional 469,936 shares during the last quarter. 87.44% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at State Street

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the sale, the executive vice president owned 41,332 shares of the company’s stock, valued at approximately $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.29% of the company’s stock.

State Street Price Performance

State Street stock opened at $113.43 on Thursday. The company’s fifty day moving average price is $112.68 and its 200 day moving average price is $101.00. State Street Corporation has a 1 year low of $72.81 and a 1 year high of $118.06. The stock has a market capitalization of $32.18 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.13 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57.

State Street (NYSE:STT) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion for the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter last year, the company earned $2.15 EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities research analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 14th. Investors of record on Wednesday, October 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. This is an increase from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is 34.04%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on STT. Morgan Stanley reissued an “overweight” rating and set a $162.00 price target on shares of State Street in a research report on Monday. TD Cowen began coverage on shares of State Street in a report on Thursday, September 25th. They set a “buy” rating for the company. Truist Financial lifted their target price on shares of State Street from $116.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, August 14th. Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and lifted their target price for the company from $115.00 to $130.00 in a report on Friday, September 5th. Finally, Evercore ISI lifted their target price on shares of State Street from $117.00 to $128.00 and gave the company an “outperform” rating in a report on Tuesday. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, State Street has an average rating of “Moderate Buy” and a consensus price target of $121.27.

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.