GC Wealth Management RIA LLC Invests $365,000 in State Street Corporation $STT

Key Points

• GC Wealth Management RIA LLC invested $365,000 in State Street Corporation, acquiring 3,430 shares of the asset manager's stock during Q2, according to their recent SEC filing.
• State Street has seen a positive shift in analyst ratings, with nine analysts rating the stock as a "Buy" and an average price target set at $121.27.
• The company announced an increase in its quarterly dividend to $0.84 per share, representing a dividend yield of 3.0%, set to be paid on October 14th to investors of record.

GC Wealth Management RIA LLC purchased a new position in State Street Corporation (NYSE:STT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,430 shares of the asset manager's stock, valued at approximately $365,000.

A number of other hedge funds have also recently made changes to their positions in STT. Brighton Jones LLC bought a new position in shares of State Street in the fourth quarter worth about $296,000. Wealth Enhancement Advisory Services LLC grew its holdings in State Street by 14.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 33,006 shares of the asset manager's stock worth $3,240,000 after acquiring an additional 4,220 shares in the last quarter. GAMMA Investing LLC grew its holdings in State Street by 10,172.7% during the 1st quarter. GAMMA Investing LLC now owns 328,933 shares of the asset manager's stock worth $29,449,000 after acquiring an additional 325,731 shares in the last quarter. Rhumbline Advisers grew its holdings in State Street by 3.7% during the 1st quarter. Rhumbline Advisers now owns 563,846 shares of the asset manager's stock worth $50,481,000 after acquiring an additional 20,212 shares in the last quarter. Finally, Merit Financial Group LLC grew its holdings in State Street by 45.3% during the 1st quarter. Merit Financial Group LLC now owns 5,846 shares of the asset manager's stock worth $523,000 after acquiring an additional 1,822 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

STT has been the topic of several recent research reports. TD Cowen initiated coverage on shares of State Street in a report on Thursday, September 25th. They set a "buy" rating on the stock. Truist Financial increased their target price 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. Wells Fargo & Company increased their target price on shares of State Street from $113.00 to $121.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Morgan Stanley reiterated an "overweight" rating and set a $162.00 target price on shares of State Street in a report on Monday. Finally, Bank of America increased their target price on shares of State Street from $106.00 to $109.00 and gave the stock an "underperform" rating in a report on Wednesday, July 16th. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, State Street presently has an average rating of "Moderate Buy" and an average price target of $121.27.

State Street Stock Down 2.2%

NYSE:STT opened at $113.43 on Thursday. State Street Corporation has a fifty-two week low of $72.81 and a fifty-two week high of $118.06. The stock has a market capitalization of $32.18 billion, a P/E ratio of 12.70, a P/E/G ratio of 1.13 and a beta of 1.46. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.57 and a current ratio of 0.57. The company's 50-day simple moving average is $112.68 and its 200-day simple moving average is $101.00.

State Street (NYSE:STT - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $2.53 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business had revenue of $3.47 billion for the quarter, compared to analysts' expectations of $3.33 billion. During the same period last year, the business earned $2.15 EPS. The company's revenue was up 2.9% compared to the same quarter last year. On average, equities analysts anticipate 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. Investors of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, October 1st. This is an increase from State Street's previous quarterly dividend of $0.76. State Street's payout ratio is 34.04%.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 990 shares of the 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 transaction, the executive vice president directly owned 41,332 shares of the company's stock, valued at $4,517,174.28. This trade represents a 2.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.29% of the stock is owned by insiders.

State Street Company 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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