Cantor Fitzgerald Investment Advisors L.P. Increases Holdings in State Street Corporation $STT

Cantor Fitzgerald Investment Advisors L.P. increased its position in State Street Corporation (NYSE:STT) by 1.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,672 shares of the asset manager’s stock after purchasing an additional 1,072 shares during the quarter. Cantor Fitzgerald Investment Advisors L.P.’s holdings in State Street were worth $7,303,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. First Pacific Financial purchased a new position in shares of State Street during the first quarter valued at $25,000. Capital Analysts LLC grew its holdings in State Street by 3,914.3% during the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock worth $25,000 after acquiring an additional 274 shares in the last quarter. Larson Financial Group LLC grew its holdings in State Street by 40.8% during the 1st 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 increased its position in State Street by 186.7% during the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after purchasing an additional 310 shares during the period. Finally, MV Capital Management Inc. raised its holdings 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 purchasing an additional 251 shares in the last quarter. 87.44% of the stock is owned by institutional investors.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of State Street stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.29% of the stock is owned by insiders.

State Street Stock Performance

Shares of STT stock opened at $113.43 on Thursday. State Street Corporation has a 12-month low of $72.81 and a 12-month high of $118.06. The business’s fifty day simple moving average is $112.68 and its 200-day simple moving average is $101.00. 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 company has a market cap of $32.18 billion, a PE ratio of 12.70, a PEG ratio of 1.13 and a beta of 1.46.

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, topping analysts’ consensus estimates of $2.36 by $0.17. State Street had a return on equity of 12.96% and a net margin of 12.59%.The firm had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.33 billion. During the same quarter last year, the firm earned $2.15 EPS. The business’s quarterly revenue was up 2.9% on a year-over-year basis. Analysts expect that State Street Corporation will post 9.68 earnings per share for the current fiscal year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. This is an increase from State Street’s previous quarterly dividend of $0.76. The ex-dividend date is Wednesday, October 1st. State Street’s dividend payout ratio is currently 34.04%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on STT shares. TD Cowen initiated coverage on shares of State Street in a research report on Thursday, September 25th. They issued a “buy” rating for the company. The Goldman Sachs Group set a $128.00 target price on State Street in a report on Tuesday. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, July 15th. Truist Financial lifted their price target on State Street from $116.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, August 14th. Finally, 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. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, State Street presently has an average rating of “Moderate Buy” and a consensus target price of $121.27.

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.