Kestra Advisory Services LLC Grows Holdings in State Street Corporation $STT

Key Points

• Kestra Advisory Services LLC significantly increased its stake in State Street Corporation by 130.3% in Q1, owning 18,194 shares worth approximately $1.63 million at the end of the reporting period.
• State Street reported $2.53 EPS for the last quarter, exceeding analysts' expectations of $2.36, along with a 2.9% year-over-year revenue increase.
• The company has increased its quarterly dividend from $0.76 to $0.84, reflecting a dividend yield of 2.9%, with the upcoming payment scheduled for October 14th.

Kestra Advisory Services LLC grew its position in State Street Corporation (NYSE:STT - Free Report) by 130.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,194 shares of the asset manager's stock after purchasing an additional 10,294 shares during the period. Kestra Advisory Services LLC's holdings in State Street were worth $1,629,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of STT. Meeder Advisory Services Inc. increased its position in shares of State Street by 2.0% during the first quarter. Meeder Advisory Services Inc. now owns 5,756 shares of the asset manager's stock worth $515,000 after acquiring an additional 114 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in State Street by 2.7% in the first quarter. Sequoia Financial Advisors LLC now owns 4,414 shares of the asset manager's stock valued at $395,000 after purchasing an additional 118 shares in the last quarter. Larson Financial Group LLC grew its position in shares of State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager's stock valued at $36,000 after acquiring an additional 118 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of State Street by 13.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock valued at $104,000 after acquiring an additional 134 shares during the period. Finally, Ironwood Investment Counsel LLC boosted its stake in shares of State Street by 2.6% during the 1st quarter. Ironwood Investment Counsel LLC now owns 5,921 shares of the asset manager's stock worth $530,000 after acquiring an additional 149 shares during the period. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Michael L. Richards sold 990 shares of the business's 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 transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.29% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on STT shares. Citigroup raised shares of State Street from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $115.00 to $130.00 in a report on Friday. Morgan Stanley lifted their price objective on State Street from $110.00 to $114.00 and gave the company an "overweight" rating in a report on Tuesday, July 1st. Evercore ISI upped their price target on shares of State Street from $102.00 to $115.00 and gave the stock an "outperform" rating in a report on Wednesday, July 2nd. The Goldman Sachs Group upped their price target 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. Finally, Truist Financial upped their target price on State Street from $116.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, August 14th. Eight equities research 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 MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $114.18.

State Street Stock Down 1.1%

NYSE:STT traded down $1.25 during trading hours on Friday, reaching $112.81. The company had a trading volume of 682,339 shares, compared to its average volume of 2,039,486. The firm has a market cap of $32.01 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 1.11 and a beta of 1.50. The business's 50-day simple moving average is $110.88 and its two-hundred day simple moving average is $98.44. State Street Corporation has a twelve month low of $72.81 and a twelve month high of $116.37. 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 Tuesday, July 15th. The asset manager reported $2.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.36 by $0.17. The firm had revenue of $3.47 billion during the quarter, compared to analysts' expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business's revenue was up 2.9% on a year-over-year basis. During the same period last year, the company earned $2.15 earnings per share. On average, equities analysts expect that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 3.0%. This is a boost from State Street's previous quarterly dividend of $0.76. The ex-dividend date of this dividend is Wednesday, October 1st. State Street's dividend payout ratio (DPR) is currently 34.04%.

About State Street

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.