Sagespring Wealth Partners LLC Makes New $303,000 Investment in State Street Corporation $STT

Key Points

• Sagespring Wealth Partners LLC made a new investment of approximately $303,000 in State Street Corporation, acquiring 2,854 shares in the second quarter.
• Several institutional investors increased their positions in State Street, with 87.44% of the company’s stock now owned by institutional investors.
• Analysts have set a consensus price target of $122.83 for State Street, with ratings varying from "Strong Buy" to "Sell."

Sagespring Wealth Partners LLC acquired a new stake in State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 2,854 shares of the asset manager's stock, valued at approximately $303,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Assetmark Inc. boosted its position in State Street by 61.9% during the first quarter. Assetmark Inc. now owns 934 shares of the asset manager's stock valued at $84,000 after buying an additional 357 shares during the period. Principal Financial Group Inc. lifted its stake in shares of State Street by 1.6% in the 1st quarter. Principal Financial Group Inc. now owns 339,406 shares of the asset manager's stock valued at $30,387,000 after acquiring an additional 5,242 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of State Street by 127.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 30,710 shares of the asset manager's stock valued at $2,728,000 after acquiring an additional 17,201 shares during the last quarter. Index Fund Advisors Inc. purchased a new stake in State Street during the 1st quarter valued at about $505,000. Finally, Bank of New York Mellon Corp grew its position in State Street by 6.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,186,569 shares of the asset manager's stock worth $195,764,000 after acquiring an additional 123,259 shares during the last quarter. Institutional investors own 87.44% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on STT. BMO Capital Markets initiated coverage on State Street in a research note on Friday, October 3rd. They set an "outperform" rating and a $130.00 price objective for the company. Zacks Research raised shares of State Street from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Bank of America boosted their price objective on shares of State Street from $106.00 to $109.00 and gave the company an "underperform" rating in a research report on Wednesday, July 16th. Truist Financial upped their price objective on shares of State Street from $125.00 to $133.00 and gave the company a "buy" rating in a research note on Thursday, October 2nd. Finally, TD Cowen assumed coverage on State Street in a research note on Thursday, September 25th. They issued a "buy" rating on the stock. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, State Street has a consensus rating of "Moderate Buy" and a consensus price target of $122.83.

Insiders Place Their Bets

In other State Street news, EVP Michael L. Richards sold 990 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.29% of the company's stock.

State Street Stock Performance

Shares of STT stock opened at $111.27 on Friday. The firm has a market capitalization of $31.57 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.16 and a beta of 1.46. The stock has a fifty day moving average of $113.60 and a 200 day moving average of $103.04. State Street Corporation has a 52 week low of $72.81 and a 52 week high of $118.24. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09.

State Street (NYSE:STT - Get Free Report) last issued its quarterly earnings data on Friday, October 17th. The asset manager reported $2.78 EPS for the quarter, topping the consensus estimate of $2.57 by $0.21. The business had revenue of $13 billion during the quarter, compared to analyst estimates of $3.43 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The company's revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the prior year, the business earned $2.26 EPS. As a group, research analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

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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