Global Retirement Partners LLC Purchases 7,008 Shares of State Street Corporation $STT

Key Points

• Global Retirement Partners LLC increased its State Street stake by 476.7% in the fourth quarter, buying 7,008 additional shares and bringing its total holdings to 8,478 shares worth about $1.094 million.
• State Street reported better-than-expected first-quarter earnings, with EPS of $2.84 versus the $2.64 consensus and revenue of $3.80 billion versus expectations of $3.59 billion.
• The company also announced a quarterly dividend of $0.84 per share, payable July 13, and analysts currently rate the stock a “Moderate Buy” with a consensus price target of $155.77.

Global Retirement Partners LLC grew its position in State Street Corporation (NYSE:STT - Free Report) by 476.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,478 shares of the asset manager's stock after acquiring an additional 7,008 shares during the quarter. Global Retirement Partners LLC's holdings in State Street were worth $1,094,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in STT. Leonteq Securities AG bought a new stake in State Street in the fourth quarter worth about $334,000. ABN Amro Investment Solutions grew its stake in shares of State Street by 17.8% during the fourth quarter. ABN Amro Investment Solutions now owns 42,562 shares of the asset manager's stock valued at $5,491,000 after buying an additional 6,419 shares during the last quarter. IFP Advisors Inc grew its stake in shares of State Street by 48.4% during the fourth quarter. IFP Advisors Inc now owns 1,226 shares of the asset manager's stock valued at $158,000 after buying an additional 400 shares during the last quarter. Banque Cantonale Vaudoise raised its holdings in shares of State Street by 9.7% in the fourth quarter. Banque Cantonale Vaudoise now owns 17,286 shares of the asset manager's stock worth $2,230,000 after buying an additional 1,530 shares during the period. Finally, Tredje AP fonden raised its holdings in shares of State Street by 10.7% in the fourth quarter. Tredje AP fonden now owns 34,356 shares of the asset manager's stock worth $4,432,000 after buying an additional 3,330 shares during the period. Institutional investors own 87.44% of the company's stock.

State Street Trading Up 0.0%

STT opened at $153.96 on Tuesday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The stock's fifty day moving average is $140.38 and its two-hundred day moving average is $131.20. The company has a market capitalization of $42.61 billion, a P/E ratio of 15.61, a PEG ratio of 0.84 and a beta of 1.45. State Street Corporation has a 52 week low of $94.19 and a 52 week high of $156.18.

State Street (NYSE:STT - Get Free Report) last issued its earnings results on Friday, April 17th. The asset manager reported $2.84 earnings per share for the quarter, topping the consensus estimate of $2.64 by $0.20. The business had revenue of $3.80 billion during the quarter, compared to analysts' expectations of $3.59 billion. State Street had a return on equity of 14.22% and a net margin of 13.47%.The business's revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.04 EPS. Analysts forecast that State Street Corporation will post 12.35 earnings per share for the current year.

State Street Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, July 1st. State Street's dividend payout ratio is presently 34.08%.

Wall Street Analysts Forecast Growth

STT has been the subject of a number of recent analyst reports. Seaport Research Partners restated a "buy" rating and set a $170.00 price objective on shares of State Street in a report on Monday, April 20th. Bank of America upgraded State Street from an "underperform" rating to a "neutral" rating and set a $143.00 target price on the stock in a research note on Monday, April 6th. Morgan Stanley lifted their target price on State Street from $155.00 to $166.00 and gave the stock an "overweight" rating in a research report on Monday, April 20th. Barclays set a $165.00 price target on shares of State Street in a report on Monday, April 20th. Finally, Truist Financial raised their price target on shares of State Street from $136.00 to $150.00 and gave the stock a "hold" rating in a research note on Monday, April 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $155.77.

Insiders Place Their Bets

In other State Street news, COO Mostapha Tahiri sold 9,611 shares of the firm's stock in a transaction dated Wednesday, April 22nd. The shares were sold at an average price of $152.93, for a total transaction of $1,469,810.23. Following the transaction, the chief operating officer owned 64,642 shares of the company's stock, valued at approximately $9,885,701.06. This trade represents a 12.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John Plansky sold 16,100 shares of the business's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $124.32, for a total transaction of $2,001,552.00. Following the completion of the sale, the executive vice president owned 56,162 shares of the company's stock, valued at approximately $6,982,059.84. This represents a 22.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,711 shares of company stock worth $3,933,032 in the last three months. Corporate insiders own 0.27% of the company's stock.

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.

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