Parallel Advisors LLC Increases Stock Position in State Street Co. (NYSE:STT)

Posted by Defense World Staff on Jul 18th, 2023

Parallel Advisors LLC increased its position in State Street Co. (NYSE:STT – Free Report) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,236 shares of the asset manager’s stock after acquiring an additional 162 shares during the period. Parallel Advisors LLC’s holdings in State Street were worth $169,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Meritage Portfolio Management raised its stake in State Street by 2.5% during the 1st quarter. Meritage Portfolio Management now owns 38,410 shares of the asset manager’s stock valued at $2,907,000 after buying an additional 948 shares during the last quarter. Benin Management CORP raised its stake in State Street by 3.9% during the 1st quarter. Benin Management CORP now owns 18,844 shares of the asset manager’s stock valued at $1,426,000 after buying an additional 700 shares during the last quarter. Ridgewood Investments LLC purchased a new stake in State Street during the 1st quarter valued at $114,000. Machina Capital S.A.S. purchased a new stake in State Street during the 1st quarter valued at $234,000. Finally, Asset Management One Co. Ltd. raised its stake in State Street by 1.3% during the 1st quarter. Asset Management One Co. Ltd. now owns 152,909 shares of the asset manager’s stock valued at $11,574,000 after buying an additional 1,950 shares during the last quarter. 89.39% of the stock is currently owned by hedge funds and other institutional investors.

State Street Trading Down 2.3 %

Shares of State Street stock opened at $66.51 on Tuesday. The company has a market capitalization of $22.23 billion, a P/E ratio of 8.99, a P/E/G ratio of 1.30 and a beta of 1.56. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.52 and a current ratio of 0.51. The company has a fifty day moving average of $71.36 and a 200 day moving average of $77.71. State Street Co. has a fifty-two week low of $58.62 and a fifty-two week high of $94.74.

State Street (NYSE:STT – Get Free Report) last released its quarterly earnings data on Friday, July 14th. The asset manager reported $2.17 EPS for the quarter, beating the consensus estimate of $2.08 by $0.09. State Street had a net margin of 16.99% and a return on equity of 12.20%. The business had revenue of $3.11 billion during the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter in the prior year, the firm earned $1.94 EPS. The business’s revenue was up 5.3% on a year-over-year basis. On average, sell-side analysts anticipate that State Street Co. will post 7.71 earnings per share for the current fiscal year.

State Street Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 13th. Shareholders of record on Monday, July 3rd were issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.79%. The ex-dividend date was Friday, June 30th. State Street’s dividend payout ratio (DPR) is presently 34.05%.

Insider Buying and Selling at State Street

In other State Street news, EVP Michael L. Richards sold 1,814 shares of the stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $68.17, for a total transaction of $123,660.38. Following the completion of the transaction, the executive vice president now owns 33,197 shares of the company’s stock, valued at approximately $2,263,039.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Eric W. Aboaf sold 11,899 shares of the stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $68.28, for a total value of $812,463.72. Following the completion of the transaction, the chief financial officer now owns 157,860 shares of the company’s stock, valued at approximately $10,778,680.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Michael L. Richards sold 1,814 shares of the stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $68.17, for a total transaction of $123,660.38. Following the completion of the transaction, the executive vice president now directly owns 33,197 shares of the company’s stock, valued at approximately $2,263,039.49. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on STT. Barclays decreased their target price on shares of State Street from $100.00 to $87.00 in a research note on Sunday. Morgan Stanley upped their price objective on State Street from $85.00 to $91.00 in a research note on Wednesday, July 5th. Keefe, Bruyette & Woods lowered State Street from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $84.00 to $73.00 in a research note on Sunday. StockNews.com assumed coverage on State Street in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Bank of America reduced their price objective on State Street from $80.00 to $72.00 in a research note on Sunday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $77.00.

About State Street

(Free Report)

State Street Corporation, through its subsidiaries, provides a range of financial products and services to institutional investors worldwide. The company offers investment servicing products and services, including custody, accounting, regulatory reporting, investor, and performance and analytics; middle office products, such as IBOR, transaction management, loans, cash, derivatives and collateral, record keeping, and client reporting and investment analytics; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; loans and lease financing; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.