Vise Technologies Inc. purchased a new stake in State Street Corporation (NYSE:STT - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund purchased 29,520 shares of the asset manager's stock, valued at approximately $5,007,000.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Bell Investment Advisors Inc acquired a new position in State Street in the second quarter worth $28,000. Elevation Wealth Partners LLC raised its holdings in shares of State Street by 153.6% during the second quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager's stock worth $30,000 after purchasing an additional 106 shares during the period. Kelleher Financial Advisors acquired a new stake in shares of State Street during the second quarter worth $33,000. Wilkerson Advisory Group LLC bought a new position in shares of State Street in the 4th quarter worth about $29,000. Finally, Phillip James Consulting Co. bought a new position in shares of State Street in the 4th quarter worth about $30,000. 87.44% of the stock is owned by institutional investors and hedge funds.
State Street Stock Down 1.3%
State Street stock opened at $183.36 on Friday. The company has a 50-day simple moving average of $179.71 and a 200-day simple moving average of $153.55. The firm has a market capitalization of $50.37 billion, a P/E ratio of 16.17, a P/E/G ratio of 0.76 and a beta of 1.41. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.59 and a current ratio of 0.59. State Street Corporation has a one year low of $104.64 and a one year high of $195.18.
State Street (NYSE:STT - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The asset manager reported $3.65 earnings per share for the quarter, topping analysts' consensus estimates of $3.34 by $0.31. The business had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $3.88 billion. State Street had a net margin of 15.02% and a return on equity of 15.26%. The company's revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.04 EPS. As a group, equities analysts expect that State Street Corporation will post 13.75 earnings per share for the current year.
State Street Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be given a $0.92 dividend. This is a positive change from State Street's previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. This represents a $3.68 annualized dividend and a yield of 2.0%. State Street's payout ratio is currently 29.63%.
Insider Buying and Selling at State Street
In other news, EVP W. Bradford Hu sold 9,758 shares of the business's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the completion of the transaction, the executive vice president directly owned 49,794 shares in the company, valued at approximately $9,187,988.88. The trade was a 16.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 1,500 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president directly owned 41,827 shares of the company's stock, valued at $6,781,829.78. This trade represents a 3.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 49,576 shares of company stock worth $8,415,875. 0.27% of the stock is owned by company insiders.
Analyst Ratings Changes
STT has been the subject of a number of recent research reports. Truist Financial reaffirmed a "hold" rating and set a $191.00 price objective (up from $176.00) on shares of State Street in a research report on Friday, July 17th. Royal Bank Of Canada raised their target price on shares of State Street from $155.00 to $196.00 and gave the stock a "sector perform" rating in a report on Friday, July 17th. UBS Group set a $176.00 target price on State Street in a research note on Friday, June 26th. Zacks Research raised State Street from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 21st. Finally, Weiss Ratings upgraded State Street from a "buy (b)" rating to a "buy (b+)" rating in a research report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, State Street has an average rating of "Moderate Buy" and an average price target of $185.38.
Check Out Our Latest Stock Report on STT
State Street Profile
(
Free Report)
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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