Harvest Investment Advisors LLC Makes New Investment in State Street Corporation $STT

Harvest Investment Advisors LLC purchased a new position in State Street Corporation (NYSE:STT) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 19,767 shares of the asset manager’s stock, valued at approximately $2,550,000. State Street comprises 1.4% of Harvest Investment Advisors LLC’s investment portfolio, making the stock its 12th largest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Wilkerson Advisory Group LLC acquired a new stake in shares of State Street during the 4th quarter valued at about $29,000. JPL Wealth Management LLC acquired a new stake in shares of State Street during the 3rd quarter valued at about $29,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of State Street during the 3rd quarter valued at about $35,000. Ameriflex Group Inc. boosted its position in shares of State Street by 102.5% during the 3rd quarter. Ameriflex Group Inc. now owns 318 shares of the asset manager’s stock valued at $37,000 after acquiring an additional 161 shares in the last quarter. Finally, Board of the Pension Protection Fund acquired a new stake in shares of State Street during the 4th quarter valued at about $39,000. 87.44% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other State Street news, CEO Hanley Ronald P. O sold 14,553 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $155.35, for a total value of $2,260,808.55. Following the completion of the transaction, the chief executive officer directly owned 255,512 shares of the company’s stock, valued at approximately $39,693,789.20. The trade was a 5.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael L. Richards sold 3,000 shares of the business’s stock in a transaction dated Wednesday, April 22nd. The stock was sold at an average price of $153.89, for a total transaction of $461,670.00. Following the completion of the transaction, the executive vice president directly owned 43,522 shares of the company’s stock, valued at approximately $6,697,600.58. This represents a 6.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 37,876 shares of company stock valued at $5,866,583 in the last ninety days. 0.27% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Seaport Research Partners reiterated a “buy” rating and set a $170.00 target price on shares of State Street in a research report on Monday, April 20th. Keefe, Bruyette & Woods lifted their target price on shares of State Street from $157.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, April 20th. The Goldman Sachs Group lifted their target price on shares of State Street from $152.00 to $168.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Truist Financial lifted their target price on shares of State Street from $136.00 to $150.00 and gave the company a “hold” rating in a research report on Monday, April 20th. Finally, Weiss Ratings upgraded shares of State Street from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, May 28th. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $158.57.

State Street Price Performance

NYSE:STT opened at $171.19 on Wednesday. The firm has a market cap of $47.38 billion, a PE ratio of 17.36, a price-to-earnings-growth ratio of 0.92 and a beta of 1.43. State Street Corporation has a 12 month low of $96.16 and a 12 month high of $172.63. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.04. The company’s 50-day moving average price is $152.45 and its two-hundred day moving average price is $136.31.

State Street (NYSE:STT) last released its quarterly earnings results on Friday, April 17th. The asset manager reported $2.84 EPS for the quarter, beating analysts’ consensus estimates of $2.64 by $0.20. The firm had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.59 billion. State Street had a net margin of 13.47% and a return on equity of 14.22%. The company’s revenue for the quarter was up 15.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.04 earnings per share. On average, equities analysts anticipate that State Street Corporation will post 12.35 EPS for the current fiscal year.

State Street Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 13th. Shareholders of record on Wednesday, July 1st will be given a $0.84 dividend. The ex-dividend date is Wednesday, July 1st. This represents a $3.36 dividend on an annualized basis and a yield of 2.0%. State Street’s payout ratio is 34.08%.

About State Street

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.