Commonwealth Equity Services LLC Acquires 1,130 Shares of State Street Co. (NYSE:STT)

Posted by on May 9th, 2023

Commonwealth Equity Services LLC grew its holdings in State Street Co. (NYSE:STT – Get Rating) by 1.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 100,774 shares of the asset manager’s stock after acquiring an additional 1,130 shares during the period. Commonwealth Equity Services LLC’s holdings in State Street were worth $7,817,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Kentucky Retirement Systems raised its position in shares of State Street by 0.4% during the 4th quarter. Kentucky Retirement Systems now owns 28,903 shares of the asset manager’s stock valued at $2,242,000 after purchasing an additional 127 shares during the period. CVA Family Office LLC increased its holdings in State Street by 16.5% in the 3rd quarter. CVA Family Office LLC now owns 920 shares of the asset manager’s stock valued at $56,000 after acquiring an additional 130 shares during the last quarter. Rossmore Private Capital increased its holdings in State Street by 3.1% in the 3rd quarter. Rossmore Private Capital now owns 4,925 shares of the asset manager’s stock valued at $299,000 after acquiring an additional 150 shares during the last quarter. J.W. Cole Advisors Inc. increased its holdings in State Street by 2.6% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 6,316 shares of the asset manager’s stock valued at $384,000 after acquiring an additional 158 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in State Street by 4.5% in the 3rd quarter. Assetmark Inc. now owns 3,959 shares of the asset manager’s stock valued at $241,000 after acquiring an additional 170 shares during the last quarter. 88.41% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

STT has been the subject of a number of recent research reports. Evercore ISI dropped their price objective on shares of State Street from $92.00 to $87.00 and set an “outperform” rating for the company in a research note on Wednesday, April 5th. Barclays dropped their price objective on shares of State Street from $102.00 to $100.00 in a research note on Tuesday, April 18th. Bank of America dropped their price objective on shares of State Street from $84.00 to $80.00 in a research note on Monday, April 17th. Royal Bank of Canada dropped their price objective on shares of State Street from $85.00 to $80.00 in a research note on Friday, March 24th. Finally, Credit Suisse Group lifted their price objective 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. Eight investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $83.21.

Insider Activity at State Street

In other news, CAO Ian Appleyard sold 6,725 shares of the company’s stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $88.42, for a total value of $594,624.50. Following the completion of the sale, the chief accounting officer now owns 14,493 shares of the company’s stock, valued at approximately $1,281,471.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP David C. Phelan sold 15,000 shares of the stock in a transaction that occurred on Friday, February 24th. The shares were sold at an average price of $86.63, for a total transaction of $1,299,450.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Ian Appleyard sold 6,725 shares of the stock in a transaction that occurred on Friday, February 24th. The shares were 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 of the company’s stock, valued at approximately $1,281,471.06. The disclosure for this sale can be found here. Insiders sold 32,893 shares of company stock worth $2,923,987 in the last 90 days. 0.34% of the stock is owned by corporate insiders.

State Street Trading Up 0.8 %

Shares of STT opened at $69.07 on Tuesday. State Street Co. has a 1-year low of $58.62 and a 1-year high of $94.74. The company has a 50-day moving average of $76.22 and a 200 day moving average of $79.56. The firm has a market capitalization of $23.24 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 1.31 and a beta of 1.56. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.52 and a quick ratio of 0.52.

State Street (NYSE:STT – Get Rating) last announced its quarterly earnings data on Monday, April 17th. The asset manager reported $1.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.12). State Street had a net margin of 18.73% and a return on equity of 11.96%. The company had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the business earned $1.59 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. On average, research analysts expect that State Street Co. will post 7.67 EPS for the current year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, April 13th. Investors of record on Monday, April 3rd were issued a dividend of $0.63 per share. The ex-dividend date was Friday, March 31st. This represents a $2.52 dividend on an annualized basis and a yield of 3.65%. State Street’s payout ratio is 35.29%.

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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