Forum Financial Management LP Has $399,000 Holdings in State Street Co. (NYSE:STT)

Posted by on Apr 3rd, 2023

Forum Financial Management LP raised its position in shares of State Street Co. (NYSE:STT – Get Rating) by 5.9% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 5,139 shares of the asset manager’s stock after purchasing an additional 285 shares during the quarter. Forum Financial Management LP’s holdings in State Street were worth $399,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in STT. Raymond James Trust N.A. increased its position in State Street by 29.3% during the 1st quarter. Raymond James Trust N.A. now owns 4,505 shares of the asset manager’s stock valued at $392,000 after purchasing an additional 1,021 shares during the period. Blair William & Co. IL increased its position in State Street by 14.3% during the 1st quarter. Blair William & Co. IL now owns 17,756 shares of the asset manager’s stock valued at $1,547,000 after purchasing an additional 2,216 shares during the period. Sei Investments Co. grew its position in shares of State Street by 3.8% during the 1st quarter. Sei Investments Co. now owns 280,353 shares of the asset manager’s stock worth $24,436,000 after buying an additional 10,187 shares during the period. Prudential PLC acquired a new stake in shares of State Street during the 1st quarter worth approximately $812,000. Finally, Cetera Investment Advisers grew its position in shares of State Street by 16.5% during the 1st quarter. Cetera Investment Advisers now owns 23,170 shares of the asset manager’s stock worth $2,019,000 after buying an additional 3,276 shares during the period. Institutional investors and hedge funds own 88.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Bank of America assumed coverage on shares of State Street in a research report on Thursday, January 12th. They set a “neutral” rating and a $86.00 price objective for the company. Deutsche Bank Aktiengesellschaft raised their price objective on shares of State Street from $82.00 to $85.00 in a research report on Wednesday, January 11th. The Goldman Sachs Group assumed coverage on shares of State Street in a research report on Wednesday, January 4th. They set a “neutral” rating for the company. Credit Suisse Group raised their price objective on shares of State Street from $76.00 to $84.00 and gave the stock a “neutral” rating in a research report on Monday, January 23rd. Finally, Royal Bank of Canada reduced their price objective on shares of State Street from $85.00 to $80.00 in a research report on Friday, March 24th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $87.73.

Insider Buying and Selling at State Street

In other State Street news, CAO Ian Appleyard sold 6,725 shares of the firm’s stock in a transaction on Friday, February 24th. The stock was sold at an average price of $88.42, for a total transaction of $594,624.50. Following the transaction, the chief accounting officer now directly owns 14,493 shares in the company, valued at approximately $1,281,471.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Ian Appleyard sold 6,725 shares of State Street stock in a transaction on Friday, February 24th. The stock was sold at an average price of $88.42, for a total transaction of $594,624.50. Following the sale, the chief accounting officer now directly owns 14,493 shares in the company, valued at approximately $1,281,471.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David C. Phelan sold 15,000 shares of State Street stock in a transaction on Friday, February 24th. The stock was sold at an average price of $86.63, for a total value of $1,299,450.00. Following the sale, the executive vice president now owns 72,491 shares in the company, valued at $6,279,895.33. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,893 shares of company stock worth $2,923,987. Corporate insiders own 0.25% of the company’s stock.

State Street Price Performance

Shares of STT opened at $75.69 on Monday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.65. The business’s fifty day moving average is $85.14 and its 200 day moving average is $77.86. State Street Co. has a 12-month low of $58.62 and a 12-month high of $94.74. The stock has a market cap of $26.07 billion, a P/E ratio of 10.53, a P/E/G ratio of 0.99 and a beta of 1.59.

State Street (NYSE:STT – Get Rating) last issued its quarterly earnings data on Friday, January 20th. The asset manager reported $2.07 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.07. State Street had a return on equity of 12.03% and a net margin of 20.92%. The business had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.06 billion. Sell-side analysts anticipate that State Street Co. will post 8.58 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 13th. Shareholders of record on Monday, April 3rd will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.33%. The ex-dividend date is Friday, March 31st. State Street’s dividend payout ratio (DPR) is presently 35.05%.

State Street Company Profile

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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.

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

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