Welch & Forbes LLC Has $7.06 Million Position in State Street Co. (NYSE:STT)

Welch & Forbes LLC increased its holdings in shares of State Street Co. (NYSE:STTGet Rating) by 3.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 81,016 shares of the asset manager’s stock after acquiring an additional 2,328 shares during the period. Welch & Forbes LLC’s holdings in State Street were worth $7,058,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Covestor Ltd acquired a new stake in shares of State Street during the 4th quarter valued at about $31,000. Confluence Wealth Services Inc. acquired a new stake in shares of State Street during the 4th quarter valued at about $35,000. OLD Second National Bank of Aurora acquired a new stake in shares of State Street during the 4th quarter valued at about $28,000. Citizens National Bank Trust Department acquired a new stake in shares of State Street during the 4th quarter valued at about $37,000. Finally, CVA Family Office LLC boosted its position in shares of State Street by 250.4% during the 4th quarter. CVA Family Office LLC now owns 410 shares of the asset manager’s stock valued at $38,000 after acquiring an additional 293 shares in the last quarter. Institutional investors and hedge funds own 91.48% of the company’s stock.

Shares of NYSE STT opened at $63.07 on Wednesday. State Street Co. has a 1-year low of $60.54 and a 1-year high of $104.87. The company has a market cap of $23.15 billion, a PE ratio of 8.55, a P/E/G ratio of 1.05 and a beta of 1.60. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average of $67.38 and a two-hundred day moving average of $82.11.

State Street (NYSE:STTGet Rating) last announced its earnings results on Thursday, April 14th. The asset manager reported $1.59 earnings per share for the quarter, topping analysts’ consensus estimates of $1.47 by $0.12. State Street had a net margin of 22.82% and a return on equity of 11.59%. The company had revenue of $3.08 billion during the quarter, compared to the consensus estimate of $3.03 billion. During the same period in the previous year, the firm posted $1.47 earnings per share. The company’s revenue was up 4.4% on a year-over-year basis. As a group, equities research analysts forecast that State Street Co. will post 7.57 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 11th. Stockholders of record on Friday, July 1st will be given a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 3.62%. The ex-dividend date of this dividend is Thursday, June 30th. State Street’s dividend payout ratio is 30.89%.

Several equities analysts recently issued reports on STT shares. Citigroup downgraded shares of State Street from a “buy” rating to a “neutral” rating in a report on Monday, April 11th. Wolfe Research downgraded shares of State Street from an “outperform” rating to a “peer perform” rating and set a $101.00 price target for the company. in a report on Thursday, March 31st. Piper Sandler cut their price target on shares of State Street from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Friday, July 1st. Credit Suisse Group cut their price target on shares of State Street from $106.00 to $90.00 and set a “neutral” rating for the company in a report on Monday, April 18th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of State Street from a “buy” rating to a “hold” rating and set a $67.00 price target for the company. in a report on Tuesday, June 28th. Eight analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $93.73.

State Street Company Profile (Get Rating)

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; product accounting; daily pricing and administration; master trust and master custody; depotbank services; record-keeping; cash management; foreign exchange, brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.

See Also

Institutional Ownership by Quarter for State Street (NYSE:STT)

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