Security National Bank of Sioux City Iowa IA Acquires 5,313 Shares of State Street Corporation $STT

Security National Bank of Sioux City Iowa IA increased its holdings in State Street Corporation (NYSE:STT) by 27.0% during the second quarter, Holdings Channel.com reports. The firm owned 24,958 shares of the asset manager’s stock after acquiring an additional 5,313 shares during the quarter. State Street accounts for 1.7% of Security National Bank of Sioux City Iowa IA’s investment portfolio, making the stock its 15th largest holding. Security National Bank of Sioux City Iowa IA’s holdings in State Street were worth $4,233,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in STT. Core Capital Management & Research inc. bought a new position in State Street during the 2nd quarter worth approximately $749,000. Sequoia Financial Advisors LLC lifted its position in State Street by 6.3% in the second quarter. Sequoia Financial Advisors LLC now owns 20,639 shares of the asset manager’s stock valued at $3,500,000 after purchasing an additional 1,219 shares during the last quarter. IPG Investment Advisors LLC bought a new stake in State Street in the second quarter valued at approximately $2,027,000. Engineers Gate Manager LP boosted its stake in shares of State Street by 1,213.4% during the second quarter. Engineers Gate Manager LP now owns 135,388 shares of the asset manager’s stock valued at $22,962,000 after purchasing an additional 125,080 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its stake in shares of State Street by 12.3% during the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 2,427 shares of the asset manager’s stock valued at $412,000 after purchasing an additional 266 shares during the period. 87.44% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on STT shares. Truist Financial reaffirmed a “hold” rating and issued a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. UBS Group set a $176.00 price target on shares of State Street in a research report on Friday, June 26th. Weiss Ratings raised shares of State Street from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday. Wells Fargo & Company boosted their price objective on shares of State Street from $196.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Barclays upped their price objective on shares of State Street from $165.00 to $200.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, State Street has an average rating of “Moderate Buy” and an average price target of $185.38.

Insider Transactions at State Street

In related news, EVP W. Hu sold 9,758 shares of the company’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 value of $1,800,546.16. Following the sale, the executive vice president owned 49,794 shares in the company, valued at $9,187,988.88. This represents a 16.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Hanley Ronald P. O sold 14,553 shares of the firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $184.17, for a total value of $2,680,226.01. Following the transaction, the chief executive officer owned 240,959 shares of the company’s stock, valued at $44,377,419.03. The trade was a 5.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.27% of the stock is currently owned by corporate insiders.

State Street Stock Down 0.3%

STT traded down $0.51 during trading on Friday, reaching $182.56. The stock had a trading volume of 5,572,756 shares, compared to its average volume of 2,102,091. The stock’s 50 day moving average is $187.32 and its two-hundred day moving average is $162.13. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $50.15 billion, a price-to-earnings ratio of 16.10, a P/E/G ratio of 0.87 and a beta of 1.41. State Street Corporation has a one year low of $104.64 and a one year high of $195.93.

State Street (NYSE:STT) last announced its earnings results on Thursday, July 16th. The asset manager reported $3.65 EPS for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The firm 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 quarterly revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.04 EPS. As a group, analysts expect that State Street Corporation will post 13.76 earnings per share for the current year.

State Street Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 2.0%. This is a boost from State Street’s previous quarterly dividend of $0.84. The ex-dividend date is Thursday, October 1st. State Street’s dividend payout ratio is currently 32.45%.

State Street Profile

State Street Corporation is a financial services company headquartered in Boston, Massachusetts. Founded in 1792, it serves institutional investors, asset managers, asset owners, insurance companies, official institutions and other financial organizations worldwide.

Through its investment servicing business, State Street provides custody and fund administration, accounting, transfer agency, middle-office outsourcing, collateral management, performance measurement and regulatory reporting services.