Keebeck Wealth Management Has $2.91 Million Stock Holdings in State Street Corporation $STT

Keebeck Wealth Management lifted its holdings in shares of State Street Corporation (NYSE:STT) by 29.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,992 shares of the asset manager’s stock after purchasing an additional 5,177 shares during the period. Keebeck Wealth Management’s holdings in State Street were worth $2,910,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. Regents of The University of California increased its holdings in State Street by 211.2% in the fourth quarter. Regents of The University of California now owns 8,706,195 shares of the asset manager’s stock worth $1,123,186,000 after purchasing an additional 5,908,370 shares in the last quarter. Norges Bank bought a new position in shares of State Street during the 4th quarter worth approximately $303,483,000. Pinebridge Investments LLC bought a new position in shares of State Street during the 4th quarter worth approximately $178,705,000. Victory Capital Management Inc. boosted its holdings in shares of State Street by 30.8% during the 4th quarter. Victory Capital Management Inc. now owns 4,559,546 shares of the asset manager’s stock worth $588,227,000 after buying an additional 1,074,174 shares in the last quarter. Finally, Two Sigma Investments LP grew its position in shares of State Street by 261.0% during the 3rd quarter. Two Sigma Investments LP now owns 1,217,802 shares of the asset manager’s stock worth $141,277,000 after buying an additional 880,507 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on STT shares. Truist Financial reiterated a “hold” rating and issued a $191.00 price objective (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Morgan Stanley increased their target price on shares of State Street from $183.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Zacks Research upgraded shares of State Street from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Weiss Ratings raised shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, May 28th. Finally, Barclays upped their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, State Street has an average rating of “Moderate Buy” and a consensus price target of $184.72.

Insider Activity

In other news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $162.14, for a total transaction of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares in the company, valued at $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $155.35, for a total transaction of $2,260,808.55. Following the sale, the chief executive officer directly 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 ownership of the stock. 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 25,265 shares of company stock worth $3,935,103 over the last three months. 0.27% of the stock is currently owned by insiders.

State Street Price Performance

Shares of NYSE:STT opened at $184.10 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a twelve month low of $104.64 and a twelve month high of $192.51. The stock’s 50 day moving average is $168.41 and its 200-day moving average is $145.71. The firm has a market capitalization of $50.95 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 0.77 and a beta of 1.42.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.31. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. State Street’s revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.04 EPS. Sell-side analysts forecast that State Street Corporation will post 13.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s payout ratio is 29.63%.

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.