Vanguard Group Inc. Has $4.29 Billion Position in State Street Corporation $STT

Vanguard Group Inc. cut its holdings in shares of State Street Corporation (NYSE:STT) by 0.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 36,959,946 shares of the asset manager’s stock after selling 252,802 shares during the period. Vanguard Group Inc. owned about 0.13% of State Street worth $4,287,723,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. True Wealth Design LLC raised its holdings in State Street by 166.3% during the third quarter. True Wealth Design LLC now owns 253 shares of the asset manager’s stock worth $29,000 after acquiring an additional 158 shares in the last quarter. Flagship Wealth Advisors LLC acquired a new position in shares of State Street during the 3rd quarter worth approximately $35,000. SJS Investment Consulting Inc. raised its stake in shares of State Street by 2,142.9% during the 3rd quarter. SJS Investment Consulting Inc. now owns 314 shares of the asset manager’s stock worth $36,000 after purchasing an additional 300 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its holdings in shares of State Street by 38.2% in the 3rd quarter. Annis Gardner Whiting Capital Advisors LLC now owns 340 shares of the asset manager’s stock valued at $39,000 after buying an additional 94 shares during the last quarter. Finally, City Holding Co. bought a new position in shares of State Street in the third quarter valued at $47,000. Institutional investors own 87.44% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Citigroup upped their price target on shares of State Street from $136.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, December 30th. Loop Capital set a $144.00 target price on shares of State Street in a report on Tuesday, January 6th. Morgan Stanley cut their target price on shares of State Street from $168.00 to $164.00 and set an “overweight” rating for the company in a research note on Tuesday, January 20th. Truist Financial set a $136.00 price objective on State Street in a research note on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of State Street in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, State Street has a consensus rating of “Moderate Buy” and an average target price of $135.83.

State Street Price Performance

State Street stock opened at $127.97 on Wednesday. The company has a market capitalization of $35.74 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 1.12 and a beta of 1.43. The company has a current ratio of 0.61, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $137.05. The stock’s 50 day moving average is $130.09 and its 200-day moving average is $120.29.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, January 16th. The asset manager reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.82 by $0.15. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.57 billion. State Street had a return on equity of 13.46% and a net margin of 13.02%.The firm’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.60 EPS. Equities research analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, January 12th. Investors of record on Friday, January 2nd were paid a $0.84 dividend. The ex-dividend date was Friday, January 2nd. This represents a $3.36 annualized dividend and a dividend yield of 2.6%. State Street’s dividend payout ratio is 35.71%.

About State Street

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.