State Street Co. (NYSE:STT) Shares Acquired by Renaissance Technologies LLC

Posted by Defense World Staff on Mar 5th, 2023

Renaissance Technologies LLC grew its holdings in State Street Co. (NYSE:STT – Get Rating) by 7.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 201,500 shares of the asset manager’s stock after buying an additional 13,700 shares during the period. Renaissance Technologies LLC owned 0.05% of State Street worth $12,253,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Ronald Blue Trust Inc. acquired a new stake in shares of State Street in the second quarter valued at about $25,000. Guardian Wealth Advisors LLC acquired a new stake in State Street during the third quarter worth about $27,000. Covestor Ltd increased its position in State Street by 69.2% during the first quarter. Covestor Ltd now owns 572 shares of the asset manager’s stock worth $50,000 after purchasing an additional 234 shares during the last quarter. CNB Bank acquired a new stake in State Street during the second quarter worth about $37,000. Finally, Rise Advisors LLC acquired a new stake in State Street during the third quarter worth about $36,000. 88.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP David C. Phelan sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $86.63, for a total value of $1,299,450.00. Following the completion of the transaction, the executive vice president now owns 72,491 shares of the company’s stock, valued at $6,279,895.33. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP David C. Phelan sold 15,000 shares of State Street stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $86.63, for a total value of $1,299,450.00. Following the completion of the transaction, the executive vice president now owns 72,491 shares in the company, valued at $6,279,895.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Plansky sold 11,168 shares of State Street stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $92.22, for a total transaction of $1,029,912.96. Following the completion of the transaction, the executive vice president now owns 42,455 shares of the company’s stock, valued at approximately $3,915,200.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,893 shares of company stock valued at $2,923,987. 0.25% of the stock is currently owned by company insiders.

State Street Trading Up 1.9 %

NYSE STT opened at $90.42 on Friday. The firm has a 50 day simple moving average of $86.46 and a 200-day simple moving average of $76.94. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.56 and a current ratio of 0.56. State Street Co. has a one year low of $58.62 and a one year high of $94.74. The firm has a market cap of $31.15 billion, a price-to-earnings ratio of 12.58, a PEG ratio of 1.18 and a beta of 1.59.

State Street Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 13th. Stockholders of record on Monday, April 3rd will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Friday, March 31st. State Street’s payout ratio is 35.05%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company upgraded shares of State Street from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $88.00 to $98.00 in a research report on Monday, February 27th. Barclays raised their price objective on shares of State Street from $95.00 to $116.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 3rd. Bank of America assumed coverage on shares of State Street in a research note on Thursday, January 12th. They set a “neutral” rating and a $86.00 target price for the company. Deutsche Bank Aktiengesellschaft increased their target price on shares of State Street from $82.00 to $85.00 in a research note on Wednesday, January 11th. Finally, Credit Suisse Group increased their target price on shares of State Street from $76.00 to $84.00 and gave the stock a “neutral” rating in a research note on Monday, January 23rd. Nine research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, State Street presently has an average rating of “Hold” and a consensus price target of $88.75.

About State Street

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State Street Corp. engages in the provision of financial services to institutional investors. It operates through the Commercial and Financial, and Commercial Real Estate segments. The company was founded in 1792 and is headquartered in Boston, MA.