Janney Montgomery Scott LLC Purchases 1,305 Shares of State Street Corporation $STT

Janney Montgomery Scott LLC boosted its position in shares of State Street Corporation (NYSE:STT) by 1.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,459 shares of the asset manager’s stock after purchasing an additional 1,305 shares during the period. Janney Montgomery Scott LLC’s holdings in State Street were worth $7,705,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in STT. First Pacific Financial bought a new position in State Street during the 1st quarter worth about $25,000. Capital Analysts LLC increased its stake in State Street by 3,914.3% in the 1st quarter. Capital Analysts LLC now owns 281 shares of the asset manager’s stock valued at $25,000 after buying an additional 274 shares during the last quarter. Larson Financial Group LLC increased its stake in State Street by 40.8% in the 1st quarter. Larson Financial Group LLC now owns 407 shares of the asset manager’s stock valued at $36,000 after buying an additional 118 shares during the last quarter. Golden State Wealth Management LLC increased its stake in State Street by 186.7% in the 1st quarter. Golden State Wealth Management LLC now owns 476 shares of the asset manager’s stock valued at $43,000 after buying an additional 310 shares during the last quarter. Finally, MV Capital Management Inc. increased its stake in State Street by 98.4% in the 1st quarter. MV Capital Management Inc. now owns 506 shares of the asset manager’s stock valued at $45,000 after buying an additional 251 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on STT. Truist Financial lifted their price target on shares of State Street from $125.00 to $133.00 and gave the company a “buy” rating in a research note on Thursday. BMO Capital Markets began coverage on shares of State Street in a research note on Friday. They issued an “outperform” rating and a $130.00 price target on the stock. TD Cowen began coverage on shares of State Street in a research note on Thursday, September 25th. They issued a “buy” rating on the stock. The Goldman Sachs Group set a $128.00 price target on shares of State Street in a research note on Tuesday, September 30th. Finally, Bank of America lifted their price objective on shares of State Street from $106.00 to $109.00 and gave the company an “underperform” rating in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $122.67.

State Street Price Performance

Shares of NYSE:STT opened at $116.35 on Monday. The firm has a 50 day moving average of $112.83 and a 200-day moving average of $101.53. The stock has a market capitalization of $33.01 billion, a PE ratio of 13.03, a PEG ratio of 1.13 and a beta of 1.46. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.09. State Street Corporation has a 12 month low of $72.81 and a 12 month high of $118.06.

State Street (NYSE:STT) last issued its earnings results on Tuesday, July 15th. The asset manager reported $2.53 EPS for the quarter, beating the consensus estimate of $2.36 by $0.17. The company had revenue of $3.47 billion during the quarter, compared to analysts’ expectations of $3.33 billion. State Street had a net margin of 12.59% and a return on equity of 12.96%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.15 EPS. On average, equities research analysts predict that State Street Corporation will post 9.68 EPS for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 14th. Stockholders of record on Wednesday, October 1st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 2.9%. 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 presently 37.63%.

Insider Activity at State Street

In other news, EVP Michael L. Richards sold 990 shares of the business’s stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $109.29, for a total value of $108,197.10. Following the completion of the transaction, the executive vice president directly owned 41,332 shares in the company, valued at approximately $4,517,174.28. The trade was a 2.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.29% of the company’s stock.

State Street Company 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.