Victory Capital Management Inc. lifted its position in State Street Corporation (NYSE:STT – Free Report) by 30.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,559,546 shares of the asset manager’s stock after buying an additional 1,074,174 shares during the period. Victory Capital Management Inc.’s holdings in State Street were worth $588,227,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. JPL Wealth Management LLC acquired a new stake in State Street in the 3rd quarter worth approximately $29,000. Measured Wealth Private Client Group LLC acquired a new stake in State Street during the 3rd quarter valued at approximately $35,000. Ameriflex Group Inc. lifted its stake in State Street by 102.5% during the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock valued at $37,000 after acquiring an additional 161 shares during the period. Board of the Pension Protection Fund acquired a new stake in State Street during the 4th quarter valued at approximately $39,000. Finally, Stance Capital LLC acquired a new stake in State Street during the 3rd quarter valued at approximately $44,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts have commented on STT shares. Seaport Research Partners restated a “buy” rating and set a $170.00 price objective on shares of State Street in a research note on Monday, April 20th. Bank of America upgraded shares of State Street from an “underperform” rating to a “neutral” rating and set a $143.00 price objective for the company in a research note on Monday, April 6th. Morgan Stanley lifted their price objective on shares of State Street from $155.00 to $166.00 and gave the company an “overweight” rating in a research note on Monday, April 20th. Argus lifted their price objective on shares of State Street from $140.00 to $168.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. Finally, Truist Financial boosted their target price on shares of State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research note on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $158.57.
State Street Stock Performance
STT opened at $167.27 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a fifty day moving average price of $150.84 and a 200 day moving average price of $135.43. State Street Corporation has a 1 year low of $95.67 and a 1 year high of $168.29. The stock has a market cap of $46.30 billion, a P/E ratio of 16.96, a P/E/G ratio of 0.90 and a beta of 1.43.
State Street (NYSE:STT – Get Free Report) last posted its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.64 by $0.20. State Street had a net margin of 13.47% and a return on equity of 14.22%. The firm had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. During the same period in the previous year, the business posted $2.04 EPS. The business’s revenue was up 15.6% compared to the same quarter last year. Equities research analysts anticipate that State Street Corporation will post 12.35 earnings per share for the current year.
State Street Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Investors of record on Wednesday, July 1st will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Wednesday, July 1st. State Street’s payout ratio is presently 34.08%.
Insider Activity at State Street
In related news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the sale, the chief executive officer owned 255,512 shares of the company’s stock, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,212 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $1,431,084.20. Following the completion of the sale, the executive vice president directly owned 59,552 shares of the company’s stock, valued at approximately $9,251,403.20. The trade was a 13.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 37,876 shares of company stock worth $5,866,583 in the last quarter. 0.27% of the stock is owned by insiders.
State Street Profile
State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.
State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.
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