State Street Corporation $STT Holdings Raised by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC lifted its stake in State Street Corporation (NYSE:STT) by 22.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,420 shares of the asset manager’s stock after purchasing an additional 3,544 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in State Street were worth $2,458,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of STT. Chicago Partners Investment Group LLC raised its holdings in State Street by 1.6% during the 4th quarter. Chicago Partners Investment Group LLC now owns 5,351 shares of the asset manager’s stock worth $675,000 after buying an additional 83 shares during the period. Wedmont Private Capital raised its holdings in shares of State Street by 1.3% during the fourth quarter. Wedmont Private Capital now owns 6,498 shares of the asset manager’s stock valued at $861,000 after acquiring an additional 85 shares during the period. Arjuna Capital raised its holdings in shares of State Street by 0.4% during the fourth quarter. Arjuna Capital now owns 25,139 shares of the asset manager’s stock valued at $3,243,000 after acquiring an additional 95 shares during the period. LVW Advisors LLC lifted its position in shares of State Street by 1.7% in the 4th quarter. LVW Advisors LLC now owns 5,605 shares of the asset manager’s stock valued at $723,000 after acquiring an additional 96 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its position in shares of State Street by 0.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 32,024 shares of the asset manager’s stock valued at $4,053,000 after acquiring an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on STT shares. Citigroup lifted their price objective on shares of State Street from $172.00 to $193.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Evercore set a $186.00 price target on State Street and gave the company an “outperform” rating in a research report on Monday, July 6th. The Goldman Sachs Group increased their price objective on State Street from $168.00 to $194.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Finally, Truist Financial raised their price objective on State Street from $150.00 to $176.00 and gave the stock a “hold” rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $173.91.

State Street Trading Up 3.2%

State Street stock opened at $183.78 on Wednesday. State Street Corporation has a one year low of $101.98 and a one year high of $184.59. The company’s fifty day moving average price is $163.73 and its two-hundred day moving average price is $143.07. 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 company has a market capitalization of $50.87 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 0.92 and a beta of 1.42.

State Street (NYSE:STT) last announced its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.64 by $0.20. The company had revenue of $3.80 billion during the quarter, compared to analysts’ expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business’s quarterly revenue was up 15.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.04 earnings per share. On average, analysts forecast that State Street Corporation will post 12.75 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, July 13th. Investors of record on Wednesday, July 1st were issued a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 1.8%. The ex-dividend date was Wednesday, July 1st. State Street’s payout ratio is 34.08%.

Insider Buying and Selling

In other news, CEO Hanley Ronald P. O sold 14,553 shares of State Street stock in a transaction that occurred 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 transaction, the chief executive officer owned 255,512 shares of the company’s stock, valued at $39,693,789.20. This trade represents a 5.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Mostapha Tahiri sold 9,611 shares of the business’s stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the completion of the sale, the chief operating officer owned 64,642 shares of the company’s stock, valued at $9,885,701.06. The trade was a 12.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 37,876 shares of company stock worth $5,866,583 over the last ninety days. Company insiders own 0.27% of the company’s stock.

Trending Headlines about State Street

Here are the key news stories impacting State Street this week:

• Positive Sentiment: State Street declared a quarterly common-stock dividend of $0.92 per share, along with dividends on several preferred stock series. The announcement reinforces its capital-return profile and may help support investor sentiment. State Street Declares Dividends
• Positive Sentiment: Bank of America said major U.S. banks, including State Street, could beat earnings expectations thanks to strong capital markets activity, resilient economic conditions, and improving wealth-management flows. That raises hopes for a solid Q2 report. US bank earnings could surprise to the upside
• Positive Sentiment: Analyst previews from Zacks highlighted expected strength in net interest income and fee income growth for State Street’s upcoming Q2 results, suggesting earnings could improve despite expense pressure. NII strength and fee income growth
• Neutral Sentiment: State Street also filed notices that it is no longer a substantial holder in several non-U.S. companies, including Qube Holdings, Viva Energy, Develop Global, and Pinnacle Investment Management. These appear to be routine portfolio changes and are unlikely to be a major direct driver of STT shares. State Street ceases to be substantial holder in Qube Holdings
• Negative Sentiment: A MarketWatch note said State Street stock underperformed peers on Monday, suggesting relative weakness versus other financial names even as broader sector optimism builds. State Street stock underperforms peers

State Street Company 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.