Greenleaf Trust Has $1.81 Million Stake in State Street Corporation $STT

Greenleaf Trust grew its holdings in State Street Corporation (NYSE:STT) by 3.8% during the second quarter, Holdings Channel.com reports. The firm owned 17,057 shares of the asset manager’s stock after buying an additional 625 shares during the period. Greenleaf Trust’s holdings in State Street were worth $1,814,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. First Pacific Financial acquired a new position in shares of State Street in the 1st quarter valued at about $25,000. Capital Analysts LLC increased its holdings in shares of State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after purchasing an additional 274 shares during the period. Larson Financial Group LLC grew its stake in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after buying an additional 118 shares in the last quarter. Golden State Wealth Management LLC grew its stake in shares of State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after buying an additional 310 shares in the last quarter. Finally, MV Capital Management Inc. grew its stake in shares of State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock valued at $45,000 after buying an additional 251 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Insider Buying and Selling at State Street

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

State Street Stock Down 1.1%

STT opened at $116.01 on Wednesday. State Street Corporation has a 1-year low of $72.81 and a 1-year high of $118.06. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $32.91 billion, a price-to-earnings ratio of 12.99, a P/E/G ratio of 1.14 and a beta of 1.50. The business has a 50 day moving average of $112.63 and a 200-day moving average of $100.91.

State Street (NYSE:STT) last posted its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.33 billion. During the same period in the prior year, the business earned $2.15 earnings per share. State Street’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This is a positive change from State Street’s previous quarterly dividend of $0.76. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, October 1st. State Street’s dividend payout ratio (DPR) is currently 34.04%.

Wall Street Analysts Forecast Growth

STT has been the subject of several recent research reports. Truist Financial boosted their price target on State Street from $116.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, August 14th. Citigroup raised State Street from a “neutral” rating to a “buy” rating and boosted their price target for the company from $115.00 to $130.00 in a research note on Friday, September 5th. Wells Fargo & Company boosted their price target on State Street from $113.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. The Goldman Sachs Group set a $128.00 price target on State Street in a research note on Tuesday. Finally, TD Cowen assumed coverage on State Street in a research report on Thursday, September 25th. They set a “buy” rating for the company. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, State Street presently has an average rating of “Moderate Buy” and a consensus price target of $121.27.

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.