Avior Wealth Management LLC Has $1.10 Million Position in State Street Corporation $STT

Key Points

• Avior Wealth Management LLC increased its stake in State Street Corporation by 1,940.1% during the second quarter, owning 10,323 shares valued at approximately $1.1 million.
• State Street announced a dividend increase from $0.76 to $0.84 per share, with a 2.9% yield and a payout ratio of 34.04%.
• The firm's quarterly earnings exceeded analyst expectations, reporting $2.53 EPS and revenues of $3.47 billion, indicating a year-over-year revenue growth of 2.9%.

Avior Wealth Management LLC lifted its stake in shares of State Street Corporation (NYSE:STT - Free Report) by 1,940.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,323 shares of the asset manager's stock after acquiring an additional 9,817 shares during the period. Avior Wealth Management LLC's holdings in State Street were worth $1,098,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. First Pacific Financial acquired a new position in shares of State Street during the 1st quarter valued at $25,000. Capital Analysts LLC raised its holdings in State Street by 3,914.3% during the first quarter. Capital Analysts LLC now owns 281 shares of the asset manager's stock worth $25,000 after buying an additional 274 shares during the last quarter. Larson Financial Group LLC raised its holdings in State Street by 40.8% during the first quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock worth $36,000 after buying an additional 118 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager's stock worth $43,000 after buying an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. raised its holdings in State Street by 98.4% during the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock worth $45,000 after buying an additional 251 shares during the last quarter. Institutional investors and hedge funds own 87.44% of the company's stock.

State Street Price Performance

STT opened at $117.13 on Tuesday. The firm has a market cap of $33.23 billion, a P/E ratio of 13.12, a PEG ratio of 1.13 and a beta of 1.50. The firm has a 50-day moving average of $112.50 and a 200 day moving average of $100.80. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $117.31.

State Street (NYSE:STT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to analyst estimates of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm's revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.15 earnings per share. On average, research analysts expect that State Street Corporation will post 9.68 EPS for the current year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This is a boost from State Street's previous quarterly dividend of $0.76. This represents a $3.36 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is 34.04%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on STT shares. Truist Financial upped their price objective on shares of State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, August 14th. Cfra Research upgraded shares of State Street from a "hold" rating to a "moderate buy" rating in a report on Tuesday, July 15th. The Goldman Sachs Group upped their price objective on shares of State Street from $98.00 to $111.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. TD Cowen started coverage on shares of State Street in a report on Thursday, September 25th. They set a "buy" rating on the stock. Finally, Citigroup upgraded shares of State Street from a "neutral" rating to a "buy" rating and increased their target price for the company from $115.00 to $130.00 in a report on Friday, September 5th. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $118.55.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the completion of the transaction, the executive vice president owned 41,332 shares in the company, valued at $4,517,174.28. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.29% of the stock is owned by corporate insiders.

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.

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