Hanson & Doremus Investment Management Boosts Position in State Street Co. (NYSE:STT)

Hanson & Doremus Investment Management boosted its stake in State Street Co. (NYSE:STT - Free Report) by 2,890.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,290 shares of the asset manager's stock after buying an additional 3,180 shares during the period. Hanson & Doremus Investment Management's holdings in State Street were worth $295,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kohmann Bosshard Financial Services LLC acquired a new position in shares of State Street during the fourth quarter worth about $42,000. Coppell Advisory Solutions LLC boosted its holdings in State Street by 2,942.9% in the fourth quarter. Coppell Advisory Solutions LLC now owns 426 shares of the asset manager's stock valued at $42,000 after purchasing an additional 412 shares in the last quarter. Loomis Sayles & Co. L P lifted its stake in State Street by 187.3% in the fourth quarter. Loomis Sayles & Co. L P now owns 477 shares of the asset manager's stock valued at $47,000 after buying an additional 311 shares during the last quarter. Minot DeBlois Advisors LLC purchased a new stake in State Street in the fourth quarter valued at approximately $49,000. Finally, MV Capital Management Inc. lifted its stake in State Street by 98.4% in the first quarter. MV Capital Management Inc. now owns 506 shares of the asset manager's stock valued at $45,000 after buying an additional 251 shares during the last quarter. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on STT shares. Cfra Research cut State Street from a "moderate buy" rating to a "hold" rating in a research note on Thursday, May 29th. Wall Street Zen cut State Street from a "buy" rating to a "hold" rating in a research report on Friday, March 7th. Morgan Stanley set a $110.00 price objective on State Street and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Citigroup cut their price objective on State Street from $105.00 to $100.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Finally, Truist Financial upgraded State Street from a "hold" rating to a "buy" rating and increased their price objective for the stock from $85.00 to $112.00 in a research report on Wednesday, May 28th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, State Street has a consensus rating of "Hold" and a consensus price target of $102.54.

State Street Stock Up 1.3%

STT opened at $97.37 on Tuesday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 1.03. The firm has a market cap of $27.77 billion, a P/E ratio of 11.82, a PEG ratio of 1.11 and a beta of 1.44. State Street Co. has a 52 week low of $70.20 and a 52 week high of $103.00. The business's fifty day simple moving average is $91.66 and its 200 day simple moving average is $93.99.

State Street (NYSE:STT - Get Free Report) last released its earnings results on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.06. State Street had a return on equity of 12.60% and a net margin of 12.14%. The firm had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.30 billion. During the same period in the prior year, the business posted $1.69 earnings per share. As a group, equities research analysts anticipate that State Street Co. will post 9.68 EPS for the current fiscal year.

State Street Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be issued a $0.76 dividend. The ex-dividend date is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.12%. State Street's dividend payout ratio (DPR) is 34.12%.

Insider Transactions at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer now directly owns 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.29% of the company's stock.

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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