Sequoia Financial Advisors LLC Increases Stock Position in State Street Corporation (NYSE:STT)

Sequoia Financial Advisors LLC lifted its holdings in State Street Corporation (NYSE:STT) by 2.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,414 shares of the asset manager’s stock after purchasing an additional 118 shares during the period. Sequoia Financial Advisors LLC’s holdings in State Street were worth $395,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Robeco Institutional Asset Management B.V. lifted its position in shares of State Street by 3.3% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 897,016 shares of the asset manager’s stock worth $80,310,000 after purchasing an additional 28,495 shares during the period. Golden State Wealth Management LLC lifted its position in State Street by 186.7% during the first quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after acquiring an additional 310 shares during the last quarter. First Pacific Financial purchased a new stake in State Street during the first quarter valued at approximately $25,000. Asset Management One Co. Ltd. lifted its position in State Street by 4.9% during the first quarter. Asset Management One Co. Ltd. now owns 148,854 shares of the asset manager’s stock valued at $13,327,000 after acquiring an additional 6,992 shares during the last quarter. Finally, Brown Lisle Cummings Inc. lifted its position in State Street by 35.6% during the first quarter. Brown Lisle Cummings Inc. now owns 1,708 shares of the asset manager’s stock valued at $153,000 after acquiring an additional 448 shares during the last quarter. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

STT has been the subject of a number of analyst reports. Truist Financial raised shares of State Street from a “hold” rating to a “buy” rating and increased their target price for the company from $85.00 to $112.00 in a research report on Wednesday, May 28th. Bank of America increased their target price on shares of State Street from $98.00 to $99.00 and gave the company an “underperform” rating in a research report on Wednesday, April 2nd. Morgan Stanley increased their target price on shares of State Street from $110.00 to $114.00 and gave the company an “overweight” rating in a research report on Tuesday. Barclays decreased their target price on shares of State Street from $127.00 to $120.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Finally, Wells Fargo & Company decreased their target price on shares of State Street from $118.00 to $113.00 and set an “overweight” rating for the company in a research report on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $105.69.

State Street Stock Up 2.4%

NYSE:STT opened at $109.51 on Thursday. The firm has a market capitalization of $31.23 billion, a P/E ratio of 12.29, a PEG ratio of 1.25 and a beta of 1.45. State Street Corporation has a 1-year low of $72.65 and a 1-year high of $109.69. The company’s fifty day moving average price is $96.86 and its 200-day moving average price is $94.40. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.57 and a quick ratio of 0.57.

State Street (NYSE:STT) last released its quarterly earnings data on Thursday, April 17th. The asset manager reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.06. The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.30 billion. State Street had a net margin of 12.85% and a return on equity of 12.79%. During the same quarter in the prior year, the business earned $1.69 earnings per share. As a group, equities research analysts anticipate that State Street Corporation will post 9.68 EPS for the current year.

State Street Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 11th. Stockholders of record on Tuesday, July 1st will be paid a $0.76 dividend. The ex-dividend date of this dividend is Tuesday, July 1st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.78%. State Street’s payout ratio is currently 34.12%.

Insider Buying and Selling at State Street

In related news, CAO Elizabeth Schaefer sold 1,300 shares of the firm’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.72, for a total transaction of $117,936.00. Following the sale, the chief accounting officer owned 7,354 shares in the company, valued at approximately $667,154.88. This trade represents a 15.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by insiders.

State Street Profile

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; finance leasing; foreign exchange, and brokerage and other trading services; securities finance and enhanced custody products; deposit and short-term investment facilities; investment manager and alternative investment manager operations outsourcing; performance, risk, and compliance analytics; and financial data management to support institutional investors.