Wealth Effects LLC Makes New $806,000 Investment in State Street Corporation $STT

Wealth Effects LLC purchased a new stake in shares of State Street Corporation (NYSE:STT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 4,754 shares of the asset manager’s stock, valued at approximately $806,000.

A number of other hedge funds have also modified their holdings of STT. Elevation Wealth Partners LLC raised its position in shares of State Street by 153.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after purchasing an additional 106 shares during the period. Kelleher Financial Advisors bought a new position in State Street in the 2nd quarter worth $33,000. Wilkerson Advisory Group LLC purchased a new stake in State Street in the 4th quarter worth $29,000. Phillip James Consulting Co. purchased a new stake in State Street in the 4th quarter worth $30,000. Finally, JPL Wealth Management LLC bought a new stake in State Street during the third quarter valued at about $29,000. 87.44% of the stock is currently owned by institutional investors.

State Street Stock Up 0.1%

STT opened at $191.92 on Monday. The company has a market capitalization of $52.72 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 0.79 and a beta of 1.41. The firm has a 50-day simple moving average of $177.65 and a two-hundred day simple moving average of $151.88. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 1.04. State Street Corporation has a 52 week low of $104.64 and a 52 week high of $192.51.

State Street (NYSE:STT) last issued its earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 15.26% and a net margin of 15.02%.The business’s revenue was up 23.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.04 earnings per share. Analysts forecast that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Shareholders of record on Thursday, October 1st will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Thursday, October 1st. This is a positive change from State Street’s previous quarterly dividend of $0.84. State Street’s dividend payout ratio is presently 29.63%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on STT shares. Seaport Research Partners restated a “buy” rating and issued a $170.00 price objective on shares of State Street in a research report on Monday, April 20th. Truist Financial reissued a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a research note on Friday, July 17th. Weiss Ratings raised State Street from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, May 28th. Barclays upped their price target on State Street from $165.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Finally, UBS Group set a $176.00 price objective on shares of State Street in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $185.38.

Insiders Place Their Bets

In other news, CEO Hanley Ronald P. O sold 14,553 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $184.17, for a total transaction of $2,680,226.01. Following the sale, the chief executive officer directly owned 240,959 shares of the company’s stock, valued at $44,377,419.03. This represents a 5.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP W. Bradford Hu sold 9,758 shares of the stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $184.52, for a total value of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This represents a 16.39% 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. Insiders have sold a total of 49,576 shares of company stock valued at $8,415,875 in the last quarter. 0.27% of the stock is currently owned by insiders.

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.