SG Americas Securities LLC Purchases 85,104 Shares of State Street Co. (NYSE:STT)

SG Americas Securities LLC boosted its position in shares of State Street Co. (NYSE:STT) by 504.7% during the 1st quarter, HoldingsChannel.com reports. The firm owned 101,965 shares of the asset manager’s stock after acquiring an additional 85,104 shares during the quarter. SG Americas Securities LLC’s holdings in State Street were worth $9,129,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in STT. Brighton Jones LLC bought a new position in State Street during the 4th quarter valued at about $296,000. Apollon Wealth Management LLC grew its holdings in State Street by 1.4% during the 4th quarter. Apollon Wealth Management LLC now owns 10,050 shares of the asset manager’s stock valued at $986,000 after purchasing an additional 138 shares during the last quarter. Kingsview Wealth Management LLC grew its stake in State Street by 8.6% in the 4th quarter. Kingsview Wealth Management LLC now owns 2,667 shares of the asset manager’s stock worth $262,000 after acquiring an additional 211 shares in the last quarter. Empowered Funds LLC grew its stake in State Street by 47.4% in the 4th quarter. Empowered Funds LLC now owns 7,267 shares of the asset manager’s stock worth $708,000 after acquiring an additional 2,338 shares in the last quarter. Finally, Kestra Private Wealth Services LLC grew its stake in State Street by 49.7% in the 4th quarter. Kestra Private Wealth Services LLC now owns 4,704 shares of the asset manager’s stock worth $462,000 after acquiring an additional 1,561 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

STT has been the topic of a number of research analyst reports. Barclays dropped their target price on shares of State Street from $127.00 to $120.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Keefe, Bruyette & Woods dropped their target price on shares of State Street from $118.00 to $113.00 and set an “outperform” rating on the stock in a research note on Monday, April 21st. The Goldman Sachs Group set a $98.00 target price on shares of State Street and gave the stock a “buy” rating in a research note on Thursday, April 17th. Truist Financial upgraded shares of State Street from a “hold” rating to a “buy” rating and upped their target price for the stock from $85.00 to $112.00 in a research note on Wednesday, May 28th. Finally, Citigroup dropped their target price on shares of State Street from $105.00 to $100.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $102.54.

Insider Activity at State Street

In other State Street news, CAO Elizabeth Schaefer sold 1,300 shares of the firm’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the transaction, the chief accounting officer now owns 7,354 shares of the company’s stock, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.29% of the stock is currently owned by corporate insiders.

State Street Trading Down 1.8%

NYSE:STT opened at $97.33 on Thursday. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The firm has a 50 day moving average of $90.37 and a 200 day moving average of $94.09. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The stock has a market capitalization of $27.76 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 1.11 and a beta of 1.44.

State Street (NYSE:STT) last posted its earnings results on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.06. State Street had a net margin of 12.14% and a return on equity of 12.60%. The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.30 billion. During the same quarter in the prior year, the company posted $1.69 earnings per share. As a group, sell-side analysts anticipate that State Street Co. will post 9.68 earnings per share for the current fiscal year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be given a dividend of $0.76 per share. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a yield of 3.12%. State Street’s payout ratio is 34.12%.

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.