Cetera Investment Advisers Has $3.88 Million Holdings in State Street Corporation (NYSE:STT)

Cetera Investment Advisers raised its stake in shares of State Street Corporation (NYSE:STT) by 0.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 43,293 shares of the asset manager’s stock after purchasing an additional 270 shares during the quarter. Cetera Investment Advisers’ holdings in State Street were worth $3,876,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in STT. Avantax Advisory Services Inc. lifted its stake in shares of State Street by 4.1% in the first quarter. Avantax Advisory Services Inc. now owns 11,777 shares of the asset manager’s stock valued at $1,054,000 after buying an additional 469 shares during the period. Machina Capital S.A.S. acquired a new stake in shares of State Street during the 1st quarter worth approximately $1,678,000. Burney Co. grew its holdings in shares of State Street by 9.1% during the 1st quarter. Burney Co. now owns 13,250 shares of the asset manager’s stock worth $1,186,000 after purchasing an additional 1,108 shares in the last quarter. Wedbush Securities Inc. grew its holdings in shares of State Street by 18.6% during the 1st quarter. Wedbush Securities Inc. now owns 3,301 shares of the asset manager’s stock worth $296,000 after purchasing an additional 517 shares in the last quarter. Finally, Convergence Investment Partners LLC grew its holdings in shares of State Street by 3.8% during the 1st quarter. Convergence Investment Partners LLC now owns 16,564 shares of the asset manager’s stock worth $1,483,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 87.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on STT. Cfra Research raised State Street from a “hold” rating to a “moderate buy” rating in a report on Tuesday, July 15th. Citigroup boosted their price target on shares of State Street from $100.00 to $115.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. The Goldman Sachs Group increased their price target on shares of State Street from $98.00 to $111.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Morgan Stanley raised their price target on shares of State Street from $110.00 to $114.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 1st. Finally, Truist Financial lowered their price objective on State Street from $122.00 to $116.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $112.00.

State Street Stock Up 1.1%

Shares of NYSE:STT opened at $109.80 on Tuesday. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $114.28. The company’s 50-day moving average price is $104.38 and its two-hundred day moving average price is $96.26. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.09. The firm has a market cap of $31.15 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.21 and a beta of 1.48.

State Street (NYSE:STT) last issued its quarterly earnings data on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, topping analysts’ consensus estimates of $2.36 by $0.17. State Street had a net margin of 12.59% and a return on equity of 12.96%. The firm had revenue of $3.47 billion for the quarter, compared to analyst estimates of $3.33 billion. During the same quarter in the prior year, the firm earned $2.15 EPS. The company’s revenue was up 2.9% on a year-over-year basis. As a group, research analysts forecast that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Shareholders of record on Wednesday, October 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Wednesday, October 1st. This is a boost from State Street’s previous quarterly dividend of $0.76. State Street’s dividend payout ratio is currently 34.04%.

Insider Transactions at State Street

In other State Street news, EVP Michael L. Richards sold 990 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total transaction of $108,197.10. Following the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. This represents a 2.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.29% of the company’s stock.

About State Street

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.