Global Financial Private Client LLC Purchases 1,610 Shares of State Street Corporation $STT

Global Financial Private Client LLC raised its position in State Street Corporation (NYSE:STT) by 10.0% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 17,735 shares of the asset manager’s stock after acquiring an additional 1,610 shares during the period. Global Financial Private Client LLC’s holdings in State Street were worth $1,886,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. First Pacific Financial bought a new position in State Street in the first quarter valued at $25,000. Capital Analysts LLC increased its position in shares of State Street by 3,914.3% in the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 274 shares during the last quarter. Larson Financial Group LLC raised its holdings in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock worth $36,000 after acquiring an additional 118 shares in the last quarter. Golden State Wealth Management LLC raised its holdings in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock worth $43,000 after acquiring an additional 310 shares in the last quarter. Finally, MV Capital Management Inc. boosted its position in State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock valued at $45,000 after purchasing an additional 251 shares during the last quarter. 87.44% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on STT shares. Bank of America upped their price objective on State Street from $106.00 to $109.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 16th. Truist Financial upped their price target on shares of State Street from $116.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, August 14th. Evercore ISI lifted their price objective on shares of State Street from $102.00 to $115.00 and gave the company an “outperform” rating in a research report on Wednesday, July 2nd. Citigroup raised shares of State Street from a “neutral” rating to a “buy” rating and upped their target price for the company from $115.00 to $130.00 in a report on Friday, September 5th. Finally, Morgan Stanley raised their target price on shares of State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research note on Tuesday, July 1st. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $114.18.

Insiders Place Their Bets

In other news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the sale, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.29% of the stock is owned by corporate insiders.

State Street Stock Performance

Shares of STT stock opened at $113.24 on Friday. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $116.37. The company has a market capitalization of $32.12 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 1.09 and a beta of 1.50. The company has a 50-day simple moving average of $111.52 and a 200 day simple moving average of $99.37. 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 posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter in the previous year, the firm posted $2.15 EPS. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, sell-side analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be paid a dividend of $0.84 per share. This is a boost from State Street’s previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. This represents a $3.36 dividend on an annualized basis and a yield of 3.0%. State Street’s dividend payout ratio is 37.63%.

State Street 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.