Stonegate Investment Group LLC Makes New Investment in State Street Corporation (NYSE:STT)

Stonegate Investment Group LLC bought a new position in shares of State Street Corporation (NYSE:STT - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 5,445 shares of the asset manager's stock, valued at approximately $487,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Jacobi Capital Management LLC grew its holdings in State Street by 1.0% during the 4th quarter. Jacobi Capital Management LLC now owns 12,232 shares of the asset manager's stock worth $1,201,000 after acquiring an additional 121 shares in the last quarter. Moors & Cabot Inc. grew its holdings in State Street by 0.7% during the 4th quarter. Moors & Cabot Inc. now owns 18,332 shares of the asset manager's stock worth $1,799,000 after acquiring an additional 131 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in State Street by 13.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,157 shares of the asset manager's stock worth $104,000 after acquiring an additional 134 shares in the last quarter. Huntington National Bank grew its holdings in State Street by 1.3% during the 4th quarter. Huntington National Bank now owns 11,671 shares of the asset manager's stock worth $1,146,000 after acquiring an additional 150 shares in the last quarter. Finally, UMB Bank n.a. boosted its holdings in shares of State Street by 8.4% in the 1st quarter. UMB Bank n.a. now owns 2,272 shares of the asset manager's stock valued at $203,000 after buying an additional 176 shares in the last quarter. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Performance

Shares of NYSE STT opened at $99.62 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.07. State Street Corporation has a 12 month low of $71.96 and a 12 month high of $103.00. The company has a 50 day simple moving average of $93.09 and a two-hundred day simple moving average of $94.04. The stock has a market cap of $28.41 billion, a price-to-earnings ratio of 11.18, a PEG ratio of 1.16 and a beta of 1.44.

State Street (NYSE:STT - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 EPS for the quarter, beating the consensus estimate of $1.98 by $0.06. State Street had a net margin of 12.85% and a return on equity of 12.79%. The business had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.30 billion. During the same period in the previous year, the business posted $1.69 EPS. As a group, analysts predict that State Street Corporation will post 9.68 earnings per share for the current year.

State Street Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Tuesday, July 1st will be paid a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Tuesday, July 1st. State Street's dividend payout ratio is currently 34.12%.

Insider Activity at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the business's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total value of $117,936.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,354 shares in the company, valued at $667,154.88. The trade was a 15.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.29% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on STT shares. Truist Financial upgraded shares of State Street from a "hold" rating to a "buy" rating and raised their price target for the company from $85.00 to $112.00 in a report on Wednesday, May 28th. Wells Fargo & Company lowered their price target on shares of State Street from $118.00 to $113.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Morgan Stanley set a $110.00 price target on shares of State Street and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Bank of America raised their price target on shares of State Street from $98.00 to $99.00 and gave the company an "underperform" rating in a report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of State Street from $118.00 to $113.00 and set an "outperform" rating for the company in a research report on Monday, April 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, State Street presently has a consensus rating of "Hold" and a consensus target price of $102.54.

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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